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Otis Worldwide Corp (OTIS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS SECOND QUARTER 2020 RESULTS

Delivers second quarter results with adjusted operating
profit margin expansion...improves 2020 outlook

2Q20 net sales down 9.6%; organic sales down 6.5%
2Q20 GAAP operating profit down $65 million with 70 basis points of margin contraction
2Q20 adjusted operating profit down $39 million with 30 basis points of margin expansion
2Q20 New Equipment orders down 6.8%; backlog up 2% at constant currency
2Q20 GAAP cash flow from operations of $664 million; free cash flow of $628 million
Improved full year organic sales, adjusted operating profit, adjusted EPS and free cash flow outlook*

FARMINGTON, Conn., July 28, 2020 – Otis Worldwide Corporation (NYSE:OTIS) reported second quarter 2020 net sales of $3.0 billion, a decrease of 6.5% organically versus the prior year. Second quarter GAAP and adjusted diluted earnings per share (EPS) decreased 26.8% to $0.52 and 5.1% to $0.56, respectively.

"Otis’ second quarter results, considering COVID-19 related challenges, demonstrated the resiliency of our business, the strength of our strategy, and our ability to contain costs. We generated robust free cash flow, reinforcing our strong liquidity, grew global share and partnered with customers to deliver safety, health, and performance solutions. Our Otis colleagues showed great dedication and commitment to providing essential services and continuity to our customers in supporting their efforts to safely reopen job sites and buildings around the world," said President and CEO Judy Marks. "Our solid first half performance and execution on our long-term growth strategies give us the confidence to improve our 2020 outlook.”

Key Figures
($ millions, except per share amounts)Quarter Ended June 30, 2020Six Months Ended June 30, 2020
20202019Y/YY/Y (CFX)20202019Y/YY/Y (CFX)
Net sales$3,029  $3,351  (9.6)%(7.0)%$5,995  $6,452  (7.1)%(4.8)%
Organic sales(6.5)%(4.4)%
GAAP
Operating profit$416  $481  $(65) $745  $896  $(151) 
Operating profit margin13.7 %14.4 %(70) bps12.4 %13.9 %(150) bps
Net income$224  $308  (27.3)%$389  $581  (33.0)%
Earnings per share$0.52  $0.71  (26.8)%$0.90  $1.34  (32.8)%
Adjusted non-GAAP comparison
Operating profit$457  $496  $(39) $(24) $907  $929  $(22) $ 
Operating profit margin15.1 %14.8 %30 bps30 bps15.1 %14.4 %70 bps80 bps
Net income$244  $258  (5.4)%$506  $525  (3.6)%
Earnings per share$0.56  $0.59  (5.1)%$1.17  $1.21  (3.3)%



The following information was filed by Otis Worldwide Corp (OTIS) on Tuesday, July 28, 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 Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Changes In Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Accounting Policies (Policies)
Accounting Pronouncements
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Narrative (Details)
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 (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Borrowings And Lines Of Credit
Borrowings And Lines Of Credit (Tables)
Borrowings And Lines Of Credit - Long-Term Debt (Details)
Borrowings And Lines Of Credit - Narrative (Details)
Borrowings And Lines Of Credit - Schedule Of Maturities And Repayments Of Principal On Long-Term Debt (Details)
Borrowings And Lines Of Credit - Short-Term Borrowings (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 And Separation From United Technologies Corporation
Description Of Business And Separation From United Technologies Corporation (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)
Employee Benefit Plans - Schedule Of Share Based Compensation Award Activity (Details)
Employee Benefit Plans - Schedule Of Share-Based Compensation And Related Income Tax Benefits (Details)
Employee Benefit Plans - Stock Option Valuation Assumptions (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Fair Value Of Derivative Instruments (Details)
Financial Instruments - Schedule Of Gain (Loss) On Derivative Instruments In Other Income (Details)
Financial Instruments - Schedule Of Gain (Loss) On Derivative Instruments Reclassified From Oci (Details)
Guarantees
Guarantees (Details)
Guarantees (Tables)
Income Taxes
Income Taxes (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Related Parties
Related Parties (Details) - Changes In Balance Sheet
Related Parties (Details) - Schedule Of Separation Related Transactions
Related Parties (Tables)
Related Parties - Narrative (Details)
Related Parties - Schedule Of Separation Costs (Details)
Related Parties - Schedule Of Shared Allocated Costs Before Separation (Details)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Restructuring Roll Forward (Details)
Restructuring Costs - Schedule Of Pretax Restructuring Costs (Details)
Restructuring Costs - Schedule Of Restructuring Costs Expected, Incurred, And Remaining (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract With Customer, Assets And Liabilities (Details)
Revenue Recognition - Narrative (Details)
Segment Financial Data
Segment Financial Data (Details)
Segment Financial Data (Tables)
Ticker: OTIS
CIK: 1781335
Form Type: 10-Q Quarterly Report
Accession Number: 0001781335-20-000016
Submitted to the SEC: Fri Jul 31 2020 10:06:29 AM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: Electronic And Other Electrical Equipment No Computer Equip

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