Otis Worldwide Corporation reports developments in its global elevator and escalator business, including manufacturing, installation, service and modernization activity. Company updates commonly cover service growth, repair and modernization demand, new equipment orders, backlog trends, cash flow, share repurchases and dividend actions.
News from Otis also includes product and technology initiatives such as the Otis Robust heavy-duty elevator range for data centers and mission-critical infrastructure, service-technology investments, executive conference participation and corporate responsibility programs tied to mobility, STEM and emerging technologies.
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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.
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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.