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Otis Worldwide Corp (OTIS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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OTIS Quarterly Reports

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS FIRST QUARTER 2020 RESULTS

Delivers strong quarter with organic Service segment sales growth and
operating profit margin expansion in both New Equipment and Service segments

Net sales of $3.0 billion, down 4.4%; organic sales down 2.1% with 3.3% organic Service sales growth.
GAAP operating profit down 20.7% to $329 million and margin of 11.1% contracted 230 basis points.
Adjusted operating profit up 3.9% to $450 million and adjusted margin expanded 120 basis points to 15.2%.
New equipment orders were flat at constant currency; up 5.6% excluding China.
GAAP cash flow from operations of $159 million; free cash flow of $120 million.
Full year outlook revised to reflect the anticipated impacts of COVID-19; organic sales expected to be down 3 to 7% and adjusted operating profit down $25 to $175 million at constant currency.*

FARMINGTON, Conn., May 6, 2020 – Otis Worldwide Corporation (NYSE:OTIS) reported first quarter 2020 net sales of $3.0 billion, a decrease of 2.1% organically versus the prior year. GAAP operating profit decreased 20.7% to $329 million with margin contraction of 230 basis points (bps) to 11.1%. Adjusted operating profit increased 3.9% to $450 million with margin expansion of 120 basis points to 15.2%. GAAP earnings per share (EPS) decreased 39.7% to $0.38 and adjusted EPS decreased 3.2% to $0.60.

"Otis delivered a strong first quarter, while navigating COVID-19 related challenges. The strength of our business was demonstrated by continued organic Service sales growth, New Equipment backlog growth, and margin expansion in both the New Equipment and Service segments. Despite this unprecedented global health crisis, our colleagues rose to the occasion, providing essential services to our customers, while also supporting each other, passengers and our local communities around the world," said President and CEO Judy Marks. "While we are revising our 2020 guidance to reflect the anticipated impacts created by this pandemic, the fundamentals of our business are solid and we remain confident in our long-term growth strategies."

Key Figures
First Quarter
($ millions, except per share amounts)20202019Y/YY/Y (CFX)
Net sales$2,966  $3,101  (4.4)%(2.5)%
Organic sales(2.1)%
GAAP
Operating profit$329  $415  $(86) 
Operating profit margin11.1 %13.4 %(230) bps
Net income$165  $273  (39.6)%
Earnings per share$0.38  $0.63  (39.7)%
Adjusted non-GAAP comparison
Operating profit$450  $433  $17  $27  
Operating profit margin15.2 %14.0 %120 bps120 bps  
Net income$262  $267  (1.9)%N/A  
Earnings per share$0.60  $0.62  (3.2)%


The following information was filed by Otis Worldwide Corp (OTIS) on Thursday, May 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Combined Balance Sheet
Condensed Combined Statements Of Cash Flows
Condensed Combined Statements Of Changes In Equity
Condensed Combined Statements Of Comprehensive Income
Condensed Combined Statements Of Operations
Accounting Pronouncements
Accounts Receivable, Net
Accounts Receivable, Net (Details)
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Schedule Of Accounts Receivable (Details)
Accounts Receivable, Net - Schedule Of Allowance For Credit Losses (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Summary Of Changes In Aoci) (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Borrowing And Lines Of Credit (Narrative) (Details)
Borrowings And Lines Of Credit
Borrowings And Lines Of Credit (Long-Term Debt) (Details)
Borrowings And Lines Of Credit (Short-Term Borrowings) (Details)
Borrowings And Lines Of Credit (Tables)
Borrowings And Lines Of Credit - Schedule Of Maturities And Repayments Of Principal On Long-Term Debt (Details)
Business Acquisitions, Goodwill, And Intangible Assets
Business Acquisitions, Goodwill, And Intangible Assets (Tables)
Business Acquisitions, Goodwill, And Intangible Assets - Narrative (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Goodwill (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Intangible Assets (Details)
Contingent Liabilities
Contingent Liabilities (Details)
Description Of Business
Description Of Business (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Schedule Of Amounts For Pension And Retirement Expenses (Details)
Employee Benefit Plans - Schedule Of Defined Benefit Plan Disclosures (Details)
Fair Value Measurements
Fair Value Measurements (Fair Value Hierarchy Classification) (Details)
Fair Value Measurements (Tables)
Guarantees
Guarantees (Details)
Guarantees (Tables)
Income Taxes
Income Taxes (Unrecognized Tax Benefit Changes) (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Related Parties
Related Parties (Details)
Restructuring And Other Costs
Restructuring And Other Costs (Tables)
Restructuring And Other Costs - Narrative (Details)
Restructuring And Other Costs - Restructuring Roll Forward (Details)
Restructuring And Other Costs - Schedule Of Pretax Restructuring Costs (Details)
Restructuring And Other Costs - Schedule Of Restructuring And Other Related Costs (Details)
Restructuring And Other Costs - Schedule Of Restructuring Costs Expected, Incurred, And Remaining (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Segment Financial Data
Segment Financial Data (Details)
Segment Financial Data (Tables)
Subsequent Events
Subsequent Events (Details)
Ticker: OTIS
CIK: 1781335
Form Type: 10-Q Quarterly Report
Accession Number: 0001781335-20-000005
Submitted to the SEC: Fri May 08 2020 7:36:22 AM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Electronic And Other Electrical Equipment No Computer Equip

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