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 Corporation (OTIS) reported strong first quarter 2021 results, with net sales of $3.4 billion, a 14.9% increase year-over-year, driven by 10.3% organic growth. GAAP diluted EPS soared 86.8% to $0.71. The company also highlighted a robust operating profit of $509 million, up 180 million from the previous year. Otis plans to return value to shareholders by raising dividends by 20% and increasing share repurchases to $500 million. The full-year outlook is optimistic, predicting net sales of $13.6 to $13.9 billion and adjusted EPS of $2.78 to $2.84.
Otis Worldwide Corporation (NYSE: OTIS) has declared a quarterly dividend of $0.24 per share, reflecting a 20% increase from the previous quarter. This dividend is scheduled for payment on June 10, 2021, to shareholders on record as of May 21, 2021. President and CEO Judy Marks stated that this increase demonstrates the company's confidence in generating strong free cash flow and delivering value to shareholders. Otis, a leader in elevator and escalator manufacturing, maintains over 2 million units worldwide.
On April 12, 2021, Otis Worldwide Corporation announced the successful completion of the inaugural Made to Move Communities global student challenge, engaging 14 schools across nine countries. The initiative aimed to enhance STEM education by pairing students with Otis mentors to develop real-world mobility solutions. Winning teams included Bloomfield High School (USA) and Romain Rolland Gymnasium (Germany). Otis plans to expand this program in 2022, highlighting its commitment to community engagement and sustainable development.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on April 26, 2021, at 8:30 a.m. EDT to discuss its first quarter results and provide an outlook for 2021. Otis President and CEO Judy Marks and Executive VP and CFO Rahul Ghai will lead the discussion. Interested participants can join via webcast or by phone. Additional materials will be available on their website prior to the call, with a recording accessible later in the day.
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Otis has been awarded contracts to supply hundreds of elevators and escalators for six transit projects in Canada, particularly in Toronto, Montreal, and Ottawa. Notable projects include nearly 100 units for Ottawa's Stage 2 LRT extensions and the provision of 111 escalators for Toronto's Eglinton Crosstown Line. These projects aim to enhance urban mobility and reduce congestion. Completion of construction for some projects is expected by July 2023, emphasizing Otis's role in supporting critical transportation infrastructure across Canada.
Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend of $0.20 per share on February 4, 2021. The dividend will be paid on March 10, 2021, to shareholders on record by February 12, 2021. As a leader in the elevator and escalator industry, Otis operates globally with over 69,000 employees and maintains more than 2 million customer units. This announcement reflects the company's commitment to returning value to shareholders, despite uncertainties including economic conditions and impacts from the ongoing pandemic.
Otis Worldwide Corporation (NYSE:OTIS) reported a strong fourth quarter for 2020 with net sales of $3.5 billion, reflecting a 1.3% increase in organic sales. GAAP diluted EPS rose by 16% to $0.58, while adjusted diluted EPS soared by 40% to $0.66. However, full-year net sales declined 2.1% to $12.8 billion, with GAAP diluted EPS decreasing by 19.4% to $2.08. Looking ahead, Otis forecasts 2021 organic sales growth of 2% to 4% and adjusted EPS growth of high single digits, showcasing resilience in its business model amidst challenging conditions.
Otis Worldwide Corporation (NYSE: OTIS) released findings from a three-month study examining elevator airflow and COVID-19 exposure risk. The research indicates that elevator rides pose a relatively low risk of virus exposure, comparable to shopping in a supermarket, when riders wear masks and air purification systems are installed. Conducted by Dr. Qingyan Chen at Purdue University, the study emphasizes the importance of elevator ventilation and suggests that proper mitigation strategies can significantly reduce exposure risk by up to 80%. More details are available on the company's website.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on February 1, 2021, at 10:00 a.m. EST. President & CEO Judy Marks and CFO Rahul Ghai will discuss the company's full-year and fourth-quarter results for 2020, alongside their outlook for 2021. Participants can join the call via webcast or by phone. A news release and presentation will be available prior to the call, with a recording accessible later on the company's website. Otis is a leader in the elevator and escalator manufacturing industry, maintaining over 2 million customer units globally.