Otis Worldwde Stock Price, News & Analysis

Otis Worldwide Corporation (NYSE: OTIS) has appointed Bryant Henson as Executive Vice President, Global Strategy & Business Development, effective January 10. Henson, who previously led sectors at L3Harris Technologies, will report to Judy Marks, President & CEO. His role includes developing long-term strategic plans and identifying growth opportunities. Otis is recognized as a global leader in elevator and escalator manufacturing, servicing around 2 billion people daily worldwide.

On December 21, 2021, Otis Worldwide Corporation (NYSE: OTIS) announced that its subsidiary, Opal Spanish Holdings, S.A.U., has reached an agreement for Euro-Syns, S.A. to irrevocably tender its shares in the voluntary tender offer for Zardoya Otis, S.A., priced at €7.14 per share. This offer represents a 33% premium over Zardoya Otis's average price from September 23, 2021, and values the company at €3.39 billion. The transaction aims to simplify operations and is expected to close in Q2 2022, potentially benefiting Otis's EPS starting in 2023.

Otis Worldwide Corp. (NYSE: OTIS) has elected Judy Marks as Chair of the Board, effective February 3, 2022. Marks will maintain her role as President and CEO, a position she has held since June 2019. The Board expressed confidence in her leadership, noting the strong financial performance under her guidance during challenging times. Marks will succeed Chris Kearney, who served as Executive Chair since Otis's public separation in April 2020. The company operates globally, servicing around 2.1 million customer units worldwide, driven by a workforce of 69,000 employees.

Otis Worldwide Corporation (NYSE: OTIS) will conduct its 2022 Investor Day on February 15, 2022, in New York City. Beginning at 9:00 a.m. EST, President & CEO Judy Marks along with the leadership team will present the company's strategic initiatives and multi-year financial outlook. The event will be broadcast live on www.otis.com, with the presentation available prior to the meeting. Established as a leader in the elevator and escalator industry, Otis serves over 2 billion people daily and maintains a portfolio of approximately 2.1 million customer units globally.

Otis Worldwide Corporation (NYSE: OTIS) has priced an offering of €500 million of 0.000% notes due 2023, €600 million of 0.318% notes due 2026, and €500 million of 0.934% notes due 2031, set to close on November 12, 2021. The net proceeds will be allocated towards acquiring shares of Zardoya Otis, S.A. The offering is guaranteed by Otis on an unsecured and unsubordinated basis and conducted under a shelf registration statement with the SEC.

Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend of $0.24 per share, payable on December 10, 2021, to shareholders of record by November 19, 2021. This reflects the company's commitment to returning value to shareholders. Otis, a leading elevator and escalator manufacturer, moves approximately 2 billion people daily and maintains the largest service portfolio globally with around 2.1 million customer units. The company emphasizes its focus on meeting diverse customer needs across 200 countries.

Otis Worldwide Corporation (NYSE:OTIS) reported robust Q3 2021 net sales of $3.6 billion, reflecting 10.8% year-over-year growth, with 8.1% organic growth. GAAP operating profit rose to $542 million, up $88 million, achieving a margin of 15.0%. Both GAAP and adjusted EPS increased by 26.2% and 11.6% to $0.77. The company generated strong cash flow, enabling a $725 million share buyback. Otis has improved its FY 2021 outlook, projecting net sales of approximately $14.3 billion and adjusted EPS of around $2.95.

Otis Worldwide Corporation (NYSE: OTIS) is set to host a conference call on October 25, 2021, at 8:30 a.m. EDT, to discuss its third quarter results and 2021 outlook. The call will feature President & CEO Judy Marks and CFO Rahul Ghai. Participants can join via webcast or by phone at +1-877-735-3703. Additional materials will be available on the company's website prior to the call, and a recording will be posted later in the day. Otis maintains a global service portfolio with approximately 2.1 million customer units worldwide.

Otis Worldwide Corporation (NYSE: OTIS) announced a tender offer to acquire all remaining shares of Zardoya Otis, S.A. at €7.00 per share, a 28.9% premium over its recent market valuation, totaling €3.3 billion. The acquisition aims to simplify Otis' structure and enhance operational efficiencies. Zardoya Otis reported €801 million in revenue and €223 million in EBITDA for the year ending May 31, 2021. The transaction, expected to close in Q2 2022, is projected to add 3 to 5 cents per share to Otis' EPS in 2022, contributing to mid-single-digit EPS accretion starting in 2023.