Otis Worldwde Stock Price, News & Analysis

Otis Worldwide Corporation announced that its Chair, CEO, and President, Judy Marks, will participate in a fireside chat at the 10th annual Laguna conference hosted by Morgan Stanley on September 16, 2022, at 9:20 a.m. PDT (12:20 p.m. ET). The discussion will be streamed live on the Otis website. Headquartered in Farmington, Connecticut, Otis is the leading global manufacturer and service provider of elevators and escalators, serving over 2 billion people daily with a workforce of 70,000 across more than 200 countries.

The Board of Otis Worldwide Corporation (NYSE: OTIS) has declared a quarterly dividend of $0.29 per share. This dividend will be payable on September 10, 2022, to shareholders on record as of August 19, 2022. Otis, the global leader in elevator and escalator manufacturing and services, operates with a strong workforce of 70,000 across over 200 countries. However, future dividends may be affected by various risks including economic conditions, market demand, and geopolitical factors.

Otis Worldwide reported Q2 2022 net sales of $3.5 billion, down 5.8% year-over-year, but achieved 0.4% organic sales growth. Adjusted EPS increased 11.7% to $0.86, driven by strong Service segment performance and operational improvements. Despite a 5.3% foreign exchange headwind, new equipment orders grew 16.5%, with an adjusted backlog up 10%. Otis revised its full-year outlook, anticipating organic sales growth of 2.5% to 3.5% and free cash flow of approximately $1.6 billion.

Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on July 27, 2022, at 8:30 a.m. EDT to discuss its second quarter results and outlook for 2022. Executives Judy Marks, Rahul Ghai, and Anurag Maheshwari will lead the discussion. The event can be registered for online, with a presentation and news release available before the call. Otis is a leading elevator and escalator manufacturer, maintaining over 2.1 million customer units globally and moving 2 billion people daily.

Otis Worldwide Corporation (NYSE: OTIS) has appointed Anurag Maheshwari as the new Executive Vice President & Chief Financial Officer, effective August 12. He takes over from Rahul Ghai, who is moving to a new opportunity. Judy Marks, Otis Chair, CEO & President, praised Maheshwari for his experience, particularly in the Asia Pacific region, where he led finance teams and strategic initiatives. Otis plans to release its second quarter earnings in late July, and both Maheshwari and Ghai will participate in the earnings call.

On June 12, 2022, Otis Worldwide Corporation (NYSE: OTIS) announced that its Chair, CEO, and President Judy Marks, along with CFO Rahul Ghai, will meet with international investors on June 13-14, 2022. This engagement aims to strengthen investor relationships and present the company’s strategies. Investors can access the presentation materials online. Otis is the leading global manufacturer and service provider of elevators and escalators, moving 2 billion people daily and maintaining over 2.1 million units worldwide, supported by a workforce of 70,000 professionals.

On May 9, 2022, Otis Worldwide Corporation executed a squeeze-out provision to acquire the remaining interest in Zardoya Otis, S.A., resulting in the delisting of its shares from the Madrid, Barcelona, Bilbao, and Valencia stock exchanges. This move consolidates ownership and is projected to be 12 cents accretive to 2022 adjusted EPS. Otis, a leader in elevator and escalator manufacturing, maintains over 2.1 million customer units globally, employing 70,000 people across more than 200 countries.

Otis Worldwide Corporation reported strong first quarter results with net sales of $3.4 billion, a 0.2% increase year-over-year, and organic sales growth of 3.1%. The company experienced adjusted EPS growth of 6.9% to $0.77 and a 2.8% increase in GAAP EPS to $0.73. New Equipment orders rose 8.8%, while the maintenance portfolio units grew over 3%. Cash flow from operations was $504 million, with free cash flow at $474 million. For 2022, Otis revised its outlook, anticipating organic sales growth of 3-4% and adjusted EPS of $3.22 to $3.27, excluding its Russia business.

Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend increase of $0.29 per share, reflecting a 20.8% rise. This dividend will be payable on June 10, 2022, to shareholders on record by May 20, 2022. CEO Judy Marks emphasized that the increase underscores the company's commitment to prudent capital management and confidence in future cash flow growth. Since becoming publicly traded, Otis has raised its dividend by 45%, reinforcing its strategy to drive value for stakeholders.