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.
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.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on September 3, 2020, at 10:00 a.m. EDT. President & CEO Judy Marks and Executive VP & CFO Rahul Ghai will participate in this event, which can be accessed live via www.otis.com. Otis is the leading manufacturer, installer, and service provider of elevators and escalators globally, moving 2 billion people daily and managing over 2 million customer units.
On August 17, 2020, Otis Worldwide Corporation (NYSE: OTIS) announced the acquisition of Bay State Elevator, which will enhance its service offerings in Massachusetts, Connecticut, Vermont, and upstate New York. This strategic move aims to solidify Otis's presence in the Northeast and accelerate its service portfolio growth. The acquisition is expected to provide existing Bay State customers access to Otis's comprehensive range of products and services.
Otis Worldwide Corporation (NYSE: OTIS) reported Q2 2020 net sales of $3.0 billion, a 6.5% organic decline year-over-year, driven by COVID-19 impacts. Adjusted EPS was $0.56, down 5.1%.
Despite challenges, Otis experienced improved liquidity and strong free cash flow of $628 million. The company anticipates 2020 sales to decrease 4.5% to 6.5%, with enhanced operational outlook due to first-half performance.
On July 27, 2020, Otis Worldwide Corporation announced a quarterly dividend of $0.20 per share for its common stock. This dividend will be payable on September 10, 2020, to shareholders of record as of the close of business on August 21, 2020. Otis, the leading manufacturer and service provider in the elevator and escalator industry, serves over 2 billion people daily and maintains an extensive portfolio of customer units globally.
Otis Worldwide Corporation (NYSE: OTIS) announced its commitment to achieving gender parity in global leadership by 2030, making it the first in the vertical transportation industry to join the Paradigm for Parity coalition. Currently, women hold over one-third of Otis executive positions globally and 40% in the U.S. Otis aims for 50% representation by 2030 through a 5-point Action Plan targeting bias reduction, career advancement based on performance, and accountability measures. The initiative highlights a correlation between gender-balanced leadership and improved financial performance.
Otis Worldwide Corporation (NYSE: OTIS) is innovating to ensure safe building operations during reopening phases. The company is introducing touchless technologies like the eCall™ app and enhancements to elevator traffic management to promote social distancing. Otis is also offering germicidal purification products, including UV-C light sanitizers and predictive maintenance services through its Otis ONE™ IoT platform. The demand for these solutions is increasing globally, with notable collaborations, such as with RMZ Corp in India and Ted Stevens Anchorage International Airport, to enhance hygiene and safety.
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