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Otis Worldwide Corp (OTIS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS SECOND QUARTER 2021 RESULTS

Delivers strong second quarter results with sales growth and margin expansion in both segments
and double-digit New Equipment orders growth; improves 2021 outlook

2Q Net sales up 22.2%; organic sales up 15.4%
2Q GAAP EPS up 46.2%; adjusted EPS up 41.1%
2Q New Equipment orders up 23.9%; backlog up 10%, 5% at constant currency
2Q GAAP cash flow from operations of $533 million; free cash flow of $493 million, or 151% of net income
Completed $0.5 billion in share repurchases year-to-date
Improved outlook* for full-year with organic sales up 7.5 to 8%, adjusted earnings per share of $2.89 to $2.93 and free cash flow of $1.45 to $1.5 billion

FARMINGTON, Conn., July 26, 2021 – Otis Worldwide Corporation (NYSE:OTIS) reported second quarter 2021 net sales of $3.7 billion with 15.4% organic growth. GAAP operating profit was up $145 million and margin expanded 150 basis points to 15.2%. Adjusted operating profit was up $115 million and margin expanded 40 basis points to 15.5%. GAAP diluted earnings per share (EPS) increased 46.2% to $0.76 and adjusted diluted EPS increased 41.1% to $0.79.

“Otis had an excellent first half with positive momentum continuing in the second quarter as we executed our long-term strategy and delivered for our customers amid strengthening demand and recovery in our end markets. In addition to launching Gen3TM and Gen360TM, our newest, innovative platforms with built-in IoT connectivity, we grew New Equipment orders by 24% and our industry-leading maintenance portfolio by 3%. We also delivered mid-teens organic sales growth with margin expansion in both segments,” said President & CEO Judy Marks. “This strong performance and progress on our strategic priorities gives us the confidence to improve our 2021 outlook across all key metrics and raise our share repurchase target to $750 million for the year, demonstrating our ongoing commitment to deliver value for our shareholders.”

Key Figures
($ millions, except per share amounts)Quarter Ended June 30,Six Months Ended June 30,
20212020Y/YY/Y (CFX)20212020Y/YY/Y (CFX)
Net sales$3,701 $3,029 22.2 %15.7 %$7,109 $5,995 18.6 %13.1 %
Organic sales15.4 %12.9 %
GAAP
Operating profit$561 $416 $145 $1,070 $745 $325 
Operating profit margin15.2 %13.7 %150 bps15.1 %12.4 %270 bps
Net income$326 $224 45.5 %$634 $389 63.0 %
Earnings per share$0.76 $0.52 46.2 %$1.47 $0.90 63.3 %
Adjusted non-GAAP comparison
Operating profit$572 $457 $115 $80 $1,105 $907 $198 $137 
Operating profit margin15.5 %15.1 %40 bps15.5 %15.1 %40 bps
Net income$342 $244 40.2 %$654 $506 29.2 %
Earnings per share$0.79 $0.56 41.1 %$1.51 $1.17 29.1 %


The following information was filed by Otis Worldwide Corp (OTIS) on Monday, July 26, 2021 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 Average Interest Rates On Borrowings (Details)
Borrowings And Lines Of Credit - Schedule Of Debt Issuance Expenses (Details)
Borrowings And Lines Of Credit - Short-Term Borrowings (Details)
Business Acquisitions, Dispositions, Goodwill And Intangible Assets
Business Acquisitions, Dispositions, Goodwill And Intangible Assets (Tables)
Business Acquisitions, Dispositions, Goodwill And Intangible Assets - Narrative (Details)
Business Acquisitions, Dispositions, Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Business Acquisitions, Dispositions, 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 Defined Benefit Plan Disclosures (Details)
Employee Benefit Plans - Schedule Of Share-Based Compensation And Related Income Tax Benefits (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 (Tables)
Guarantees - Guarantees And Product Warranties Rollforward (Details)
Guarantees - Narrative (Details)
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)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Pre-Tax Restructuring Costs (Details)
Restructuring Costs - Restructuring Roll Forward (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)
Stock
Stock (Details)
Ticker: OTIS
CIK: 1781335
Form Type: 10-Q Quarterly Report
Accession Number: 0001781335-21-000051
Submitted to the SEC: Wed Jul 28 2021 6:11:04 AM EST
Accepted by the SEC: Wed Jul 28 2021
Period: Wednesday, June 30, 2021
Industry: Electronic And Other Electrical Equipment No Computer Equip

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