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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) reported first-quarter 2023 net sales of $3.3 billion, marking a 2.0% decline compared to the prior year, despite a 3.6% increase in organic sales. GAAP diluted earnings per share (EPS) rose 8.2% to $0.79, with adjusted EPS up 5.3% to $0.80. The company experienced robust performance in New Equipment orders, increasing 7.4%, while the backlog grew 3% overall. Notably, cash flow from operations dropped to $278 million, a decrease of $226 million. For the full year, Otis expects sales to rise by 2.5% to 4.5%, with adjusted EPS projected at $3.40 to $3.50 and free cash flow anticipated between $1.5 and $1.55 billion.
On April 25, 2023, Otis Worldwide Corporation (NYSE: OTIS) declared a quarterly dividend of $0.34 per share, marking a significant 17.2% increase. The dividend is scheduled for payment on June 9, 2023, to shareholders on record by May 19, 2023.
CEO Judy Marks emphasized that this increase reflects confidence in their Service-driven strategy that supports consistent cash flow generation. The move demonstrates Otis's commitment to disciplined capital allocation and stakeholder interests.
Nippon Otis Elevator Company has installed a large solar panel system at its logistics and engineering center in Japan, which is expected to offset nearly 21% of the facility's annual electricity consumption. The solar panels, covering 2672.47 m², aim to reduce greenhouse gas emissions by approximately 27% compared to 2022 levels. This initiative is part of Otis Worldwide Corporation's broader environmental strategy established in 2021, targeting carbon neutrality for factory electricity use by 2030. The company is also focusing on sustainable practices, including upgrading HVAC systems, implementing LED lighting, and promoting the use of hybrid and electric vehicles.
Otis aims to reduce global Scope 1 and Scope 2 greenhouse gas emissions by 50% compared to 2019.
Otis Worldwide (NYSE:OTIS) has announced a partnership with the China Soong Ching Ling Foundation (CSCLF) to enhance career opportunities for girls and women in STEM (Science, Technology, Engineering, Math) fields in China. The collaboration will provide scholarships for female STEM students and facilitate innovation programs for youth, led by Otis volunteers. CEO Judy Marks emphasized the company’s commitment to community service and promoting inclusivity through STEM education.
The partnership aligns with Otis’s ESG goals, targeting impact on 15,000 students globally by 2030 and committing 500,000 volunteer hours for community support. This initiative builds on previous successes, such as scholarships for 160 female STEM students and continuing participation in the Made to Move Communities STEM challenge.
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