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.
On January 11, 2021, Otis Worldwide Corporation (NYSE: OTIS) announced its opposition to an unsolicited mini-tender offer by TRC Capital Investment Corporation, which seeks to purchase up to 2 million shares at $62.75 each. This offer is 4.62% below the closing price on December 24, 2020. Otis urges shareholders to reject this offer and withdraw any shares tendered, as it does not represent fair value. The company highlights risks associated with mini-tender offers and recommends investors consult with their advisors before making decisions.
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Otis Worldwide Corporation (NYSE: OTIS) has appointed Bernardo Calleja as the new President of Otis Europe Middle East & Africa (EMEA). He will report directly to Judy Marks, President & CEO. Calleja, who has been with Otis since 1989, aims to accelerate New Equipment sales and enhance service conversion using digital tools. He has been serving as interim EMEA President since October 1, following the departure of Mark Eubanks. With approximately 1.1 million units in its service portfolio, Otis remains a leading service provider in EMEA, employing around 26,000 people in 43 countries.
Otis Worldwide Corporation (NYSE:OTIS) reported third-quarter 2020 net sales of $3.3 billion, down 1.2% organically year-over-year. GAAP diluted EPS decreased 16.4% to $0.61, while adjusted EPS increased 25.5% to $0.69. Operating profit was $454 million, down $28 million from the prior year, reflecting margin contraction. However, adjusted operating profit grew $33 million, aided by strong performance in the Service segment. Otis improved its full-year outlook, forecasting adjusted EPS around $2.42 and free cash flow at approximately $1.15 billion.
Otis Australia has successfully installed its SkyRise® and Gen2® Premier elevators in Collins House, Australia's slimmest skyscraper located in Melbourne. This 61-story building, measuring only 11.5 meters wide, is designed to optimize elevator footprint without compromising travel experience. The installation aims to reduce lobby congestion and travel time with the advanced CompassPlus system. Developed by Hickory Group using prefabricated components, Collins House sets a new standard in residential construction efficiency and safety.
Otis Worldwide Corporation (NYSE: OTIS) will conduct a conference call on October 26, 2020, at 10:00 a.m. EDT to discuss its third-quarter results and future outlook. Participants can join via webcast or by phone at +1-877-735-3703. A corresponding presentation and news release will be available on their website prior to the call. Otis maintains the largest maintenance portfolio in the industry, with over 2 million customer units serviced worldwide, moving 2 billion people daily.
Otis Canada is set to supply 23 elevators for The ONE, a 309-meter mixed-use building in Toronto, marking its first SkyBuild construction elevator installation in Canada. This project will enhance productivity on-site, with the building being slated as Canada's tallest upon completion. The elevator suite includes 11 SkyRise elevators, eight Gen2 elevators, and four SkyBuild elevators that will transition to SkyRise upon project completion. The SkyBuild system is designed to boost efficiency by allowing construction crews to access the highest completed floors safely.
Otis Worldwide Corporation (NYSE: OTIS) has unveiled its global corporate social responsibility program, Made to Move Communities, aimed at promoting youth STEM education and inclusive mobility solutions. This initiative will engage students in addressing real-world mobility issues exacerbated by COVID-19, running from October 2020 to March 2021. Otis aims to bridge the STEM skills gap in the manufacturing sector through community partnerships and mentorship. Schools from various countries, including the US, Germany, and China, will participate, enhancing Otis's commitment to community enrichment.
Otis Worldwide Corporation (NYSE: OTIS) has declared a quarterly dividend of $0.20 per share, effective October 5, 2020. This dividend will be payable on December 10, 2020, to shareholders recorded by closing on November 20, 2020. As the leader in elevator and escalator manufacturing and service, Otis maintains over 2 million customer units globally and serves 2 billion people daily. The company emphasizes its commitment to customer needs while outlining potential risks associated with economic conditions and the ongoing effects of the pandemic on operations.
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.