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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 (NYSE:OTIS) reported strong second quarter 2024 results, with GAAP EPS up 13.3% to $1.02 and adjusted EPS up 15.2% to $1.06. The company's performance was driven by robust Service segment growth, with Service net sales up 3.0% and organic sales up 5.1%. Key highlights include:
- Maintenance portfolio units increased 4.2%
- Mod orders up 14%, backlog up 15%
- GAAP operating profit margin expanded 20 basis points to 15.8%
- Adjusted operating profit margin expanded 110 basis points to 17.0%
- Share repurchases of $300 million
Based on this performance, Otis has updated its full-year outlook, increasing adjusted EPS guidance to $3.85 to $3.90.
Otis Brazil's factory in São Bernardo do Campo has achieved ISO 45001 certification, demonstrating its commitment to occupational health and safety management. This certification brings the total number of Otis factories with ISO 45001 to 13 out of 17 globally. The standard aims to reduce workplace accidents and illnesses while promoting continuous improvement in safety performance.
Adriana Gonsalves, Senior Manager of EH&S at Otis for Latin America, emphasized that safety is an Otis Absolute, alongside ethics and quality. The São Bernardo do Campo factory previously received ISO 14001 certification in 2021, aligning with Otis' ESG goal of certifying all factories by 2025 - a target achieved four years early. Otis (NYSE:OTIS) maintains management systems based on ISO 14001, 50001, and 45001 standards, showcasing its dedication to environmental and safety excellence in its operations.
Otis Worldwide (NYSE: OTIS) has appointed Cristina Méndez as Executive Vice President & Chief Financial Officer, effective August 23, 2024. Méndez, currently Senior VP of Finance EMEA & Transformation, will succeed Anurag Maheshwari, who is leaving Otis. She brings extensive experience in financial management and transformation, having previously held senior roles at Telefonica Group.
CEO Judy Marks praised Méndez's expertise and understanding of Otis' strategy. The company, a global leader in elevator and escalator services, moves 2.3 billion people daily and maintains about 2.3 million customer units worldwide. Otis plans to release its Q2 earnings on July 24, with both Maheshwari and Méndez joining Marks on the call.
FARMINGTON, Conn., July 10, 2024 – Otis Worldwide (NYSE: OTIS) announces a conference call on July 24, 2024, at 8:30 a.m. ET to discuss second quarter results and the 2024 outlook. CEO Judy Marks and CFO Anurag Maheshwari will lead the call. A webcast, presentation, and news release will be available on Otis's website before the call, with a recording accessible later. For alternative dial-in information, contact Otis investor relations. Otis, a leader in elevator and escalator manufacturing, moves 2.3 billion people daily and maintains 2.3 million units globally.
Otis Worldwide (NYSE: OTIS) has published its 2023 ESG Report, detailing its Environmental, Social, and Governance (ESG) strategy and progress on 13 ESG goals. The strategy emphasizes Health & Safety, Environment & Impact, People & Communities, and Governance & Accountability. Key achievements include hosting over 200,000 safety education engagements, reducing scope 1 and 2 emissions by 12%, and serving more than 2,400 students through STEM initiatives. CEO Judy Marks highlighted the importance of ESG pillars in driving business growth and integrity. The report underscores Otis's commitment to sustainability and ethical business practices.
Otis Worldwide (NYSE: OTIS), a leader in elevator and escalator manufacturing and service, has been honored as a 'Noteworthy Company' by Fair360 for the fourth year in a row. This recognition, which began in 2021, highlights Otis' commitment to an inclusive and equitable workplace culture. The designation is based on survey responses from U.S. employers with at least 750 employees and evaluates Leadership Accountability, Human Capital Diversity Metrics, Talent Programs, Workforce Practices, Supplier Diversity, and Philanthropy. Alecia Smith, Otis Senior Director of Diversity, Equity & Inclusion, emphasized the importance of diverse voices in driving innovation and achieving business goals. This recognition coincides with Otis' 'We Are Many Voices Week,' celebrating global employee contributions. For more details on Otis' inclusive initiatives and awards, visit their website.
Four student teams from around the world are regional winners in Otis' Made to Move Communities student challenge where students developed innovative mobility solutions to expand access to green space in urban communities. Otis is the world's leading elevator and escalator manufacturing, installation, and service company. The global student challenge for 2023-24 included more than 240 students across 15 countries and territories. Winning teams proposed solutions such as a comprehensive redevelopment plan, a smart, green elevator, a smart cane for the visually impaired, and a wearable detector for navigating green spaces. Otis aims to support students in addressing mobility challenges and improving urban communities.
Four student teams from around the world are regional winners in Otis' Made to Move Communities student challenge, developing innovative mobility solutions for urban green spaces. Otis is the leading elevator and escalator company, sponsoring the challenge to enhance residents' wellbeing. Winning teams created reforestation plans, smart elevators, sensory feedback canes, and obstacle detectors for green space accessibility. Otis engages in ESG goals, impacting students globally through STEM training and volunteerism.
Otis Worldwide awarded scholarships to 160 female students at top Chinese universities in partnership with the CSCLF, a non-governmental organization. These students excel in STEM fields, inspiring diversity and innovation. Otis aims to support STEM education and talent development through scholarships and educational initiatives, aligning with their ESG goals.
Otis India, a subsidiary of Otis Worldwide (NYSE:OTIS), has launched a volunteer tree planting initiative in major cities across India. Colleagues have already planted 2,000 trees in Bengaluru and Kolkata, with plans for more in Mumbai and New Delhi. The effort aims to preserve biodiversity and support vibrant communities, in line with the company's global sustainability goals.
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