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Otis Worldwide Corporation - OTIS STOCK NEWS

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.

News

OTIS REPORTS FIRST QUARTER 2024 RESULTS

Rhea-AI Summary
Otis Worldwide (OTIS) reported strong first quarter 2024 results with net sales of $3.4 billion and organic growth of 3.8%. GAAP EPS increased by 8.9% to $0.86, and adjusted EPS rose by 10% to $0.88. The company saw a 5.8% increase in Service net sales, 13% growth in Mod orders, and raised its full-year adjusted EPS outlook to $3.83 to $3.90 with a share repurchase target of $1 billion.
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Otis Announces 14.7 Percent Increase in Quarterly Dividend to $0.39 per Share

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Otis Worldwide (NYSE: OTIS) has announced a 14.7% increase in its quarterly dividend to $0.39 per share of common stock. The dividend will be payable on June 7, 2024, to shareholders of record on May 17, 2024. Otis' CEO, Judy Marks, highlighted the company's confidence in future cash flow generation and commitment to shareholder value.
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Science Based Targets initiative Approves Otis Targets for Reducing Greenhouse Gas Emissions

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Otis, a leading elevator and escalator company, has had its near-term science-based greenhouse gas emissions reduction targets approved by the Science Based Targets initiative. The approved targets include reducing absolute scope 1 and 2 GHG emissions by 55% by 2033 and reducing scope 3 emissions by 33% within the same timeframe. This demonstrates Otis' commitment to the Paris Agreement's objectives and sustainability. Otis' CEO Judy Marks emphasizes the company's dedication to ESG principles and sustainable value creation for stakeholders.
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Otis First Quarter 2024 Earnings Advisory

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Otis Worldwide (OTIS) will host a conference call to discuss first quarter results and 2024 outlook with Chair, CEO & President Judy Marks and EVP & CFO Anurag Maheshwari.
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Otis Brazil Joins U.N. Companies With Refugees Forum

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Otis Brazil joins the Companies with Refugees Forum, showcasing its commitment to inclusion and support for refugees. The company's actions include collaborations with philanthropic institutions and initiatives to integrate refugees into the workforce.
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Otis Wins Modernization Project and 10-Year Service Contract Extension for Burj Khalifa

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Otis Worldwide Corporation (OTIS) has been chosen by Emaar Properties to modernize 34 elevators and 8 escalators in the Burj Khalifa, the world's tallest building. The contract includes servicing all units for an additional 10 years. This upgrade will enhance safe and efficient vertical mobility for years to come.
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Otis presents medium-term outlook driven by Service momentum at 2024 Investor Day; Expects to deliver >10% annualized EPS growth

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Otis Worldwide Corporation (OTIS) highlights accelerating portfolio growth with Service sales growing mid-single digits or higher while gaining share in New Equipment. The company outlines a medium-term outlook with low to mid-single digit organic sales growth and over 10% annualized adjusted EPS growth. Plans include returning over $8 billion in capital to shareholders through dividends and share repurchases through 2028.
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All Otis Manufacturing Facilities in China Earn Zero Waste Certification

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Otis Worldwide (NYSE:OTIS) has achieved Gold-level TRUE zero waste certification for all five of its manufacturing facilities in China, making it the first elevator company in China to earn a TRUE Gold rating. This underscores the company's commitment to sustainability and its global ESG goals. Otis aims to achieve 100% factory eligibility for zero-waste-to-landfill certification by 2025.
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Otis Declares Quarterly Dividend of $0.34 per Share

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Otis Worldwide Corporation (OTIS) has declared a quarterly dividend of $0.34 per share of common stock, payable on March 8, 2024, to shareholders of record at the close of business on February 16, 2024.
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OTIS REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

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Otis Worldwide Corporation (OTIS) reported a strong fourth quarter and full year results, with net sales up 5.3% and organic sales up 3.8% in the fourth quarter. The company announced a 2024 outlook with solid sales and earnings growth, including organic sales up 3 to 5%, adjusted earnings per share of $3.80 to $3.90, and adjusted free cash flow of approximately $1.6 billion.
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FAQ

What is the current stock price of Otis Worldwide Corporation (OTIS)?

The current stock price of Otis Worldwide Corporation (OTIS) is $99.1 as of November 15, 2024.

What is the market cap of Otis Worldwide Corporation (OTIS)?

The market cap of Otis Worldwide Corporation (OTIS) is approximately 39.5B.

What is Otis Worldwide Corporation known for?

Otis is the global leader in the manufacture, installation, and service of elevators, escalators, and moving walkways.

Where is Otis headquartered?

Otis is headquartered in Connecticut, USA.

How many people does Otis employ?

Otis employs approximately 71,000 people, including 42,000 field professionals.

What are some recent achievements of Otis?

Recent achievements include financial growth, sustainability certifications in China, and modernization projects in iconic buildings like the Burj Khalifa.

What is Otis' market share in the elevator and escalator industry?

Otis holds approximately 18% of the global market share in the elevator and escalator industry.

How does Otis maintain its service portfolio?

Otis maintains over 2 million elevators worldwide, offering installation, maintenance, and replacement services.

What are Otis' major financial highlights?

Otis reported full-year net sales of $14.2 billion with adjusted EPS increasing to $3.54.

What sustainability initiatives is Otis involved in?

Otis achieved Gold-level TRUE zero waste certification for all five of its manufacturing facilities in China and aims for 100% factory eligibility for zero-waste-to-landfill certification by 2025.

What are Otis' future outlook and strategic focus?

Otis focuses on operational excellence, strategic investments, and ESG goals, with a positive outlook for continued growth and value creation.

Where can I find more information about Otis?

More information is available on Otis' official website, www.otis.com, and their social media profiles on LinkedIn, Instagram, and Facebook @OtisElevatorCo.

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Otis Worldwide Corporation

NYSE:OTIS

OTIS Rankings

#334 Ranked by Market Cap
#1542 Ranked by Dividends

OTIS Stock Data

39.53B
399.46M
0.14%
93.14%
2.11%
Specialty Industrial Machinery
Electronic & Other Electrical Equipment (no Computer Equip)
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United States of America
FARMINGTON