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

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS THIRD QUARTER 2020 RESULTS

Delivers strong third quarter results; improves 2020 outlook

Net sales down 1.4%; organic sales down 1.2%
GAAP operating profit down $28 million with 60 basis points of margin contraction
Adjusted operating profit up $33 million with 120 basis points of margin expansion
New Equipment orders up slightly; backlog up 5%, 3% at constant currency
GAAP cash flow from operations of $348 million; free cash flow of $311 million
Improved outlook* for full-year organic sales, adjusted operating profit, adjusted EPS and free cash flow

FARMINGTON, Conn., October 26, 2020 – Otis Worldwide Corporation (NYSE:OTIS) reported third quarter 2020 net sales of $3.3 billion, a decrease of 1.2% organically versus the prior year. GAAP diluted earnings per share (EPS) decreased 16.4% to $0.61 and adjusted diluted EPS increased 25.5% to $0.69.

"Otis had another strong quarter as we continued to grow share, build backlog, expand adjusted margin and generate robust cash flow. These outcomes again demonstrate the resiliency of our business, the strength of our strategy and the dedication of our colleagues around the world to provide essential services to our customers while introducing innovative solutions to grow our business," said President and CEO Judy Marks. "We are improving our 2020 outlook reflecting our ability to deliver on near-term commitments and execute our long-term strategy."

Key Figures
($ millions, except per share amounts)Quarter Ended September 30,Nine Months Ended September 30,
20202019Y/YY/Y (CFX)20202019Y/YY/Y (CFX)
Net sales$3,268 $3,313 (1.4)%(1.6)%$9,263 $9,765 (5.1)%(3.7)%
Organic sales(1.2)%(3.3)%
GAAP
Operating profit$454 $482 $(28)$1,199 $1,378 $(179)
Operating profit margin13.9 %14.5 %(60) bps12.9 %14.1 %(120) bps
Net income$266 $317 (16.1)%$655 $898 (27.1)%
Earnings per share$0.61 $0.73 (16.4)%$1.51 $2.07 (27.1)%
Adjusted non-GAAP comparison
Operating profit$503 $470 $33 $30 $1,410 $1,399 $11 $33 
Operating profit margin15.4 %14.2 %120 bps110 bps15.2 %14.3 %90 bps90 bps
Net income$302 $241 25.3 %$808 $766 5.5 %
Earnings per share$0.69 $0.55 25.5 %$1.86 $1.77 5.1 %

Third quarter net sales of $3.3 billion decreased 1.4% versus the prior year, with a 1.2% decline in organic sales. Organic sales declined low single digits in both the New Equipment and Service segments.



The following information was filed by Otis Worldwide Corp (OTIS) on Monday, October 26, 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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Inside Otis Worldwide Corp's 10-Q Quarterly Report:

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 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 Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (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: 0001781335-20-000029
Submitted to the SEC: Wed Oct 28 2020 4:11:18 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Electronic And Other Electrical Equipment No Computer Equip

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