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 has appointed Sally Loh as President of Otis China, effective March 1, 2023. Loh, who has been with Otis for 23 years, succeeds Perry Zheng, who will return to the global headquarters as Executive Vice President, Chief Product, Delivery and Customer Officer. This pivotal transition is expected to bolster operational efficiency and enhance Otis's market response capabilities in China. Loh's extensive experience and commitment to digital transformation align with the company's strategic objectives. Additionally, this marks a significant milestone as Loh becomes the first female regional president in Otis's history.
Otis Worldwide Corporation (NYSE: OTIS) declared a quarterly dividend of $0.29 per share, payable on March 10, 2023, to shareholders of record by February 17, 2023. As the leading manufacturer and service provider in the elevator and escalator industry, Otis operates globally, moving 2 billion people daily and maintaining over 2.2 million customer units. The company has a workforce of 69,000 employees.
Investors should note that past dividends do not guarantee future payments due to various economic risks, including market conditions and global events.
Otis Worldwide Corporation (NYSE:OTIS) reported a strong fourth quarter with a 6.1% organic sales growth, despite a 3.6% decline in net sales due to foreign exchange impacts. The company posted a GAAP EPS increase of 9.2%, and adjusted EPS rose 4.2%. For the full year, Otis recorded net sales of $13.7 billion, a 4.3% drop year-over-year, while organic sales grew by 2.5%. The 2023 outlook includes projected organic sales growth of 4-6% and an adjusted EPS target of $3.35 to $3.50. Notably, the company returned over $1.3 billion to shareholders through dividends and share repurchases.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on February 1, 2023, at 8:30 a.m. EST to discuss its full year and fourth quarter results along with the 2023 outlook. The call will feature CEO Judy Marks and CFO Anurag Maheshwari. Participants can join via webcast, with additional materials available on Otis's website. Notably, Otis maintains a robust service portfolio, managing over 2.1 million customer units globally, demonstrating its industry leadership in elevator and escalator manufacturing and service.
Otis Worldwide Corporation has achieved Gold-level TRUE certification for zero waste efforts at its Florence, S.C. facility, marking a significant milestone as the first in the elevator industry to do so. This certification verifies that the plant diverts nearly 98% of site-generated waste from landfills. The facility also recycled 6.62 million pounds of sheet metal from August 2021 to July 2022. Otis aims to have all its factories certified for zero waste by 2025, demonstrating commitment to sustainability and aligning with its ESG targets.
On October 27, 2022, Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend of $0.29 per share for its common stock. The dividend will be distributed on December 10, 2022, to shareholders on record as of November 18, 2022. Otis is a global leader in the manufacturing and servicing of elevators and escalators, moving over 2 billion people daily and managing more than 2.1 million customer units globally.
Otis Worldwide Corporation (OTIS) reported Q3 2022 net sales of $3.3 billion, down 7.6% year-over-year, with organic sales growth of 0.8%. GAAP EPS remained flat at $0.77, while adjusted EPS increased by 5.3% to $0.80. The New Equipment orders dipped by 0.8%, but adjusted backlog rose by 12%. For the year, Otis revised its guidance, projecting organic sales growth between 2.0% and 2.5% and free cash flow of $1.5 to $1.6 billion. The service segment showed strength with a 3.8% growth in maintenance portfolio units.
Otis Worldwide has appointed Nelda Connors to its Board of Directors, effective October 28, 2022. Connors brings extensive leadership experience from roles in various industrial sectors, including her position as CEO of Pine Grove Holdings. With a focus on enhancing Board diversity, she joins a team where six out of ten directors are women or racially/ethnically diverse. Connors will also serve on the Audit and Compensation Committees, contributing her expertise to oversee Otis' long-term strategy. This appointment reflects Otis' commitment to inclusive leadership.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on October 26, 2022, at 8:30 a.m. EDT to discuss its third-quarter results and 2022 outlook. CEO Judy Marks and CFO Anurag Maheshwari will present. Online registration is available, and a presentation along with a news release will be posted on www.otis.com prior to the call. Otis, headquartered in Connecticut, is the global leader in elevator and escalator manufacturing, servicing over 2.1 million customer units worldwide.
FAQ
What is the current stock price of Otis Worldwide Corporation (OTIS)?
What is the market cap of Otis Worldwide Corporation (OTIS)?
What is Otis Worldwide Corporation known for?
Where is Otis headquartered?
How many people does Otis employ?
What are some recent achievements of Otis?
What is Otis' market share in the elevator and escalator industry?
How does Otis maintain its service portfolio?
What are Otis' major financial highlights?
What sustainability initiatives is Otis involved in?
What are Otis' future outlook and strategic focus?
Where can I find more information about Otis?
