Last10K.com

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

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS THIRD QUARTER 2021 RESULTS

Delivers strong third quarter results with sales growth and
margin expansion in both segments; improves 2021 outlook

3Q Net sales up 10.8%; organic sales up 8.1%
3Q GAAP EPS up 26.2%; adjusted EPS up 11.6%
3Q New Equipment orders up 3.8%; backlog up 4%, 1% at constant currency
YTD GAAP cash flow from operations of $1.5 billion; free cash flow of $1.4 billion, or 141% of net income
Completed $725 million in share repurchases year-to-date
Announced cash tender offer for the remaining 49.98% interest in Zardoya Otis
Improved outlook* for full-year with organic sales up 8.5 to 9.0%, adjusted earnings per share of ~$2.95 and free cash flow of ~$1.5 to $1.55 billion

FARMINGTON, Conn., October 25, 2021 – Otis Worldwide Corporation (NYSE:OTIS) reported third quarter 2021 net sales of $3.6 billion with 8.1% organic growth. GAAP operating profit of $542 million was up $88 million and margin expanded 110 basis points to 15.0%. Adjusted operating profit of $566 million was up $63 million and margin expanded 20 basis points to 15.6%. GAAP and adjusted diluted earnings per share (EPS) of $0.77 increased 26.2% and 11.6%, respectively.

"Otis delivered another strong quarter with sales growth and margin expansion in both segments, a 3% increase in maintenance portfolio units and the third consecutive quarter of New Equipment orders growth. We also generated robust cash flow enabling us to buy back $725 million of shares year-to-date and announced a tender offer to acquire the remaining interest in Zardoya Otis, a decision that will streamline management and create value for shareholders," said President & CEO Judy Marks. “We continue to advance our strategy, progress on ESG initiatives and achieve strong results, despite the macro environment, reflecting the resiliency of the business and our ability to execute. This gives us the confidence to improve the 2021 outlook and positions us well to build on this momentum in 2022."

Key Figures
($ millions, except per share amounts)Quarter Ended September 30,Nine Months Ended September 30,
20212020Y/YY/Y (CFX)20212020Y/YY/Y (CFX)
Net sales$3,620 $3,268 10.8 %8.3 %$10,729 $9,263 15.8 %11.4 %
Organic sales8.1 %11.2 %
GAAP
Operating profit$542 $454 $88 $1,612 $1,199 $413 
Operating profit margin15.0 %13.9 %110 bps15.0 %12.9 %210 bps
Net income$331 $266 24.4 %$965 $655 47.3 %
Earnings per share$0.77 $0.61 26.2 %$2.23 $1.51 47.7 %
Adjusted non-GAAP comparison
Operating profit$566 $503 $63 $52 $1,671 $1,410 $261 $189 
Operating profit margin15.6 %15.4 %20 bps15.6 %15.2 %40 bps
Net income$333 $302 10.3 %$987 $808 22.2 %
Earnings per share$0.77 $0.69 11.6 %$2.28 $1.86 22.6 %



The following information was filed by Otis Worldwide Corp (OTIS) on Monday, October 25, 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.

View differences made from one quarter to another to evaluate Otis Worldwide Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Otis Worldwide Corp.

Continue

Assess how Otis Worldwide Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Otis Worldwide Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Legal
M & A
Other
Filter Subcategory:
All
Debt
Product
Earnings
Dividend
Expense
Cash Flow
Shares
Income
Geography
Other
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 Sheets
Condensed Consolidated Balance Sheets (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: 0001781335-21-000062
Submitted to the SEC: Tue Oct 26 2021 4:33:22 PM EST
Accepted by the SEC: Tue Oct 26 2021
Period: Thursday, September 30, 2021
Industry: Electronic And Other Electrical Equipment No Computer Equip

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/otis/0001781335-21-000062.htm