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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.
Otis Worldwide Corporation (NYSE: OTIS) has appointed Bernardo Calleja as the new President of Otis Europe Middle East & Africa (EMEA). He will report directly to Judy Marks, President & CEO. Calleja, who has been with Otis since 1989, aims to accelerate New Equipment sales and enhance service conversion using digital tools. He has been serving as interim EMEA President since October 1, following the departure of Mark Eubanks. With approximately 1.1 million units in its service portfolio, Otis remains a leading service provider in EMEA, employing around 26,000 people in 43 countries.
Otis Worldwide Corporation (NYSE:OTIS) reported third-quarter 2020 net sales of $3.3 billion, down 1.2% organically year-over-year. GAAP diluted EPS decreased 16.4% to $0.61, while adjusted EPS increased 25.5% to $0.69. Operating profit was $454 million, down $28 million from the prior year, reflecting margin contraction. However, adjusted operating profit grew $33 million, aided by strong performance in the Service segment. Otis improved its full-year outlook, forecasting adjusted EPS around $2.42 and free cash flow at approximately $1.15 billion.
Otis Australia has successfully installed its SkyRise® and Gen2® Premier elevators in Collins House, Australia's slimmest skyscraper located in Melbourne. This 61-story building, measuring only 11.5 meters wide, is designed to optimize elevator footprint without compromising travel experience. The installation aims to reduce lobby congestion and travel time with the advanced CompassPlus system. Developed by Hickory Group using prefabricated components, Collins House sets a new standard in residential construction efficiency and safety.
Otis Worldwide Corporation (NYSE: OTIS) will conduct a conference call on October 26, 2020, at 10:00 a.m. EDT to discuss its third-quarter results and future outlook. Participants can join via webcast or by phone at +1-877-735-3703. A corresponding presentation and news release will be available on their website prior to the call. Otis maintains the largest maintenance portfolio in the industry, with over 2 million customer units serviced worldwide, moving 2 billion people daily.
Otis Canada is set to supply 23 elevators for The ONE, a 309-meter mixed-use building in Toronto, marking its first SkyBuild construction elevator installation in Canada. This project will enhance productivity on-site, with the building being slated as Canada's tallest upon completion. The elevator suite includes 11 SkyRise elevators, eight Gen2 elevators, and four SkyBuild elevators that will transition to SkyRise upon project completion. The SkyBuild system is designed to boost efficiency by allowing construction crews to access the highest completed floors safely.
Otis Worldwide Corporation (NYSE: OTIS) has unveiled its global corporate social responsibility program, Made to Move Communities, aimed at promoting youth STEM education and inclusive mobility solutions. This initiative will engage students in addressing real-world mobility issues exacerbated by COVID-19, running from October 2020 to March 2021. Otis aims to bridge the STEM skills gap in the manufacturing sector through community partnerships and mentorship. Schools from various countries, including the US, Germany, and China, will participate, enhancing Otis's commitment to community enrichment.
Otis Worldwide Corporation (NYSE: OTIS) has declared a quarterly dividend of $0.20 per share, effective October 5, 2020. This dividend will be payable on December 10, 2020, to shareholders recorded by closing on November 20, 2020. As the leader in elevator and escalator manufacturing and service, Otis maintains over 2 million customer units globally and serves 2 billion people daily. The company emphasizes its commitment to customer needs while outlining potential risks associated with economic conditions and the ongoing effects of the pandemic on operations.
Otis Worldwide Corporation (NYSE: OTIS) President & CEO Judy Marks will participate in the 8th annual Laguna conference hosted by Morgan Stanley on September 15, 2020, at 3:45 p.m. EDT. The presentation will be live-streamed on Otis's website. As the leading elevator and escalator company, Otis moves 2 billion people daily and maintains over 2 million units globally, the largest maintenance portfolio in the industry. With a workforce of 69,000, including 40,000 field professionals, Otis serves customers across 200+ countries.
Otis Worldwide Corporation (NYSE: OTIS) has initiated a study focusing on elevator airflow and its role in COVID-19 transmission risks among passengers. The research, led by Dr. Qingyan Chen from Purdue University, aims to develop safety protocols to mitigate these risks. The study will scientifically validate methods to enhance passenger safety in various environments, including elevators compared to places like grocery stores. This initiative highlights Otis's commitment to customer safety and innovative solutions during the pandemic.
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