Otis Worldwde Stock Price, News & Analysis

Otis Worldwide Corporation (NYSE: OTIS) President & CEO Judy Marks will participate in the 8th annual Laguna conference hosted by Morgan Stanley on September 15, 2020, at 3:45 p.m. EDT. The presentation will be live-streamed on Otis's website. As the leading elevator and escalator company, Otis moves 2 billion people daily and maintains over 2 million units globally, the largest maintenance portfolio in the industry. With a workforce of 69,000, including 40,000 field professionals, Otis serves customers across 200+ countries.

Otis Worldwide Corporation (NYSE: OTIS) has initiated a study focusing on elevator airflow and its role in COVID-19 transmission risks among passengers. The research, led by Dr. Qingyan Chen from Purdue University, aims to develop safety protocols to mitigate these risks. The study will scientifically validate methods to enhance passenger safety in various environments, including elevators compared to places like grocery stores. This initiative highlights Otis's commitment to customer safety and innovative solutions during the pandemic.

Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on September 3, 2020, at 10:00 a.m. EDT. President & CEO Judy Marks and Executive VP & CFO Rahul Ghai will participate in this event, which can be accessed live via www.otis.com. Otis is the leading manufacturer, installer, and service provider of elevators and escalators globally, moving 2 billion people daily and managing over 2 million customer units.

On August 17, 2020, Otis Worldwide Corporation (NYSE: OTIS) announced the acquisition of Bay State Elevator, which will enhance its service offerings in Massachusetts, Connecticut, Vermont, and upstate New York. This strategic move aims to solidify Otis's presence in the Northeast and accelerate its service portfolio growth. The acquisition is expected to provide existing Bay State customers access to Otis's comprehensive range of products and services.

Otis Worldwide Corporation (NYSE: OTIS) reported Q2 2020 net sales of $3.0 billion, a 6.5% organic decline year-over-year, driven by COVID-19 impacts. Adjusted EPS was $0.56, down 5.1%.

Despite challenges, Otis experienced improved liquidity and strong free cash flow of $628 million. The company anticipates 2020 sales to decrease 4.5% to 6.5%, with enhanced operational outlook due to first-half performance.

On July 27, 2020, Otis Worldwide Corporation announced a quarterly dividend of $0.20 per share for its common stock. This dividend will be payable on September 10, 2020, to shareholders of record as of the close of business on August 21, 2020. Otis, the leading manufacturer and service provider in the elevator and escalator industry, serves over 2 billion people daily and maintains an extensive portfolio of customer units globally.

Otis Worldwide Corporation (NYSE: OTIS) announced its commitment to achieving gender parity in global leadership by 2030, making it the first in the vertical transportation industry to join the Paradigm for Parity coalition. Currently, women hold over one-third of Otis executive positions globally and 40% in the U.S. Otis aims for 50% representation by 2030 through a 5-point Action Plan targeting bias reduction, career advancement based on performance, and accountability measures. The initiative highlights a correlation between gender-balanced leadership and improved financial performance.

Otis Worldwide Corporation (NYSE: OTIS) is innovating to ensure safe building operations during reopening phases. The company is introducing touchless technologies like the eCall™ app and enhancements to elevator traffic management to promote social distancing. Otis is also offering germicidal purification products, including UV-C light sanitizers and predictive maintenance services through its Otis ONE™ IoT platform. The demand for these solutions is increasing globally, with notable collaborations, such as with RMZ Corp in India and Ted Stevens Anchorage International Airport, to enhance hygiene and safety.

Otis Worldwide Corporation (NYSE: OTIS) will hold a conference call on July 28, 2020, at 10:00 a.m. EDT to discuss its second quarter results and financial outlook. President & CEO Judy Marks and CFO Rahul Ghai will lead the call. Interested participants can listen via webcast on www.otis.com or by phone at +1-877-735-3703. A presentation and news release will be available prior to the call, and a recording will be accessible later on the website. With a strong global presence, Otis maintains over 2 million customer units and moves approximately 2 billion people daily.