Welcome to our dedicated page for Otis Worldwide Corporation news (Ticker: OTIS), a resource for investors and traders seeking the latest updates and insights on Otis Worldwide Corporation stock.
Otis Worldwide Corporation (NYSE: OTIS) is a global leader in the manufacture, installation, and service of elevators, escalators, and moving walkways. For over 160 years, Otis has revolutionized the way people move through the urban landscape. The company is recognized for its innovation, quality, and reliability in vertical transportation solutions.
Otis holds the distinction of being the largest global elevator and escalator supplier by revenue, commanding an impressive 18% market share. The company’s product lifecycle includes the installation of elevator units in new buildings, providing maintenance services, and eventually replacing these units after their 15- to 20-year useful life. Otis maintains over 2 million elevators worldwide, the largest service portfolio in the industry.
Headquartered in Connecticut, USA, Otis employs a workforce of 71,000 people, including 42,000 field professionals, all dedicated to meeting the diverse needs of customers and passengers across more than 200 countries and territories.
Recent achievements include:
- Financial Performance: Otis reported full-year net sales of $14.2 billion with 5.6% organic growth. Adjusted earnings per share (EPS) increased by 11.7% to $3.54.
- Sustainability: Otis achieved Gold-level TRUE (Total Resource Use and Efficiency) zero waste certification for all five of its manufacturing facilities in China, underscoring its commitment to sustainability.
- Modernization Projects: Otis has been selected to modernize 34 elevators and 8 escalators in the Burj Khalifa, the world’s tallest building, ensuring the highest standards of safety and efficiency.
Financially, Otis continues to demonstrate robust performance with significant growth in both its New Equipment and Service segments. Recent investor updates highlighted a strong first quarter with net sales of $3.4 billion and organic growth of 3.8%. The company has raised its EPS outlook driven by operational performance and is increasing its share repurchase target to $1 billion for the year.
As part of its long-term strategy, Otis focuses on creating value through operational excellence, strategic investments, and a commitment to environmental, social, and governance (ESG) goals.
For more detailed updates and financial data, visit www.otis.com and follow Otis on LinkedIn, Instagram, and Facebook @OtisElevatorCo.
On April 12, 2021, Otis Worldwide Corporation announced the successful completion of the inaugural Made to Move Communities global student challenge, engaging 14 schools across nine countries. The initiative aimed to enhance STEM education by pairing students with Otis mentors to develop real-world mobility solutions. Winning teams included Bloomfield High School (USA) and Romain Rolland Gymnasium (Germany). Otis plans to expand this program in 2022, highlighting its commitment to community engagement and sustainable development.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on April 26, 2021, at 8:30 a.m. EDT to discuss its first quarter results and provide an outlook for 2021. Otis President and CEO Judy Marks and Executive VP and CFO Rahul Ghai will lead the discussion. Interested participants can join via webcast or by phone. Additional materials will be available on their website prior to the call, with a recording accessible later in the day.
Otis has been awarded contracts to supply hundreds of elevators and escalators for six transit projects in Canada, particularly in Toronto, Montreal, and Ottawa. Notable projects include nearly 100 units for Ottawa's Stage 2 LRT extensions and the provision of 111 escalators for Toronto's Eglinton Crosstown Line. These projects aim to enhance urban mobility and reduce congestion. Completion of construction for some projects is expected by July 2023, emphasizing Otis's role in supporting critical transportation infrastructure across Canada.
Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend of $0.20 per share on February 4, 2021. The dividend will be paid on March 10, 2021, to shareholders on record by February 12, 2021. As a leader in the elevator and escalator industry, Otis operates globally with over 69,000 employees and maintains more than 2 million customer units. This announcement reflects the company's commitment to returning value to shareholders, despite uncertainties including economic conditions and impacts from the ongoing pandemic.
Otis Worldwide Corporation (NYSE:OTIS) reported a strong fourth quarter for 2020 with net sales of $3.5 billion, reflecting a 1.3% increase in organic sales. GAAP diluted EPS rose by 16% to $0.58, while adjusted diluted EPS soared by 40% to $0.66. However, full-year net sales declined 2.1% to $12.8 billion, with GAAP diluted EPS decreasing by 19.4% to $2.08. Looking ahead, Otis forecasts 2021 organic sales growth of 2% to 4% and adjusted EPS growth of high single digits, showcasing resilience in its business model amidst challenging conditions.
Otis Worldwide Corporation (NYSE: OTIS) released findings from a three-month study examining elevator airflow and COVID-19 exposure risk. The research indicates that elevator rides pose a relatively low risk of virus exposure, comparable to shopping in a supermarket, when riders wear masks and air purification systems are installed. Conducted by Dr. Qingyan Chen at Purdue University, the study emphasizes the importance of elevator ventilation and suggests that proper mitigation strategies can significantly reduce exposure risk by up to 80%. More details are available on the company's website.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on February 1, 2021, at 10:00 a.m. EST. President & CEO Judy Marks and CFO Rahul Ghai will discuss the company's full-year and fourth-quarter results for 2020, alongside their outlook for 2021. Participants can join the call via webcast or by phone. A news release and presentation will be available prior to the call, with a recording accessible later on the company's website. Otis is a leader in the elevator and escalator manufacturing industry, maintaining over 2 million customer units globally.
On January 11, 2021, Otis Worldwide Corporation (NYSE: OTIS) announced its opposition to an unsolicited mini-tender offer by TRC Capital Investment Corporation, which seeks to purchase up to 2 million shares at $62.75 each. This offer is 4.62% below the closing price on December 24, 2020. Otis urges shareholders to reject this offer and withdraw any shares tendered, as it does not represent fair value. The company highlights risks associated with mini-tender offers and recommends investors consult with their advisors before making decisions.
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