Welcome to our dedicated page for Otis Worldwde news (Ticker: OTIS), a resource for investors and traders seeking the latest updates and insights on Otis Worldwde stock.
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 (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.
Otis Worldwide Corporation (NYSE: OTIS) has appointed Jim Cramer as the new President of Otis Americas, effective immediately. Cramer, who has a 34-year tenure with Otis, was previously the interim president since February, stepping in after Tom Vining left the company. Under his leadership, Otis aims to enhance operational excellence, safety, and quality across its Americas operations, which currently employ around 15,000 staff across 14 countries.
This strategic move aligns with Otis's commitment to solidify its market leadership in the elevator and escalator industry.