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.
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.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on April 26, 2023, at 8:30 a.m. ET to discuss its first quarter results and 2023 outlook. CEO Judy Marks and CFO Anurag Maheshwari will lead the call, which can be accessed via a webcast. A presentation and news release will be made available on the Otis website prior to the call, with a recording available later.
Otis is a leader in elevator and escalator manufacturing, moving 2 billion people daily and maintaining a portfolio of approximately 2.2 million customer units worldwide.
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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.