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Otis Worldwide Corp (OTIS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

OTIS Quarterly Reports

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS FIRST QUARTER 2022 RESULTS

Delivers strong first quarter results including mid-single digit organic Service
sales growth and high-single digit adjusted EPS growth

1Q Net sales up 0.2% and organic sales up 3.1% with GAAP EPS up 2.8% and adjusted EPS up 6.9%
1Q New Equipment orders up 8.8%; backlog up 4%, up 6% at constant currency with growth in all regions
1Q Maintenance portfolio units were up more than 3%
1Q GAAP cash flow from operations of $504 million; free cash flow of $474 million, or 152% of net income
Completed $200 million in share repurchases and repaid $500 million of debt
Revised full year outlook1, including prior year compares, to exclude Russia business2...expect 2022 organic sales to be up 3 to 4%, adjusted EPS of $3.22 to $3.27 and free cash flow1 of ~$1.6 billion

FARMINGTON, Conn., April 25, 2022 – Otis Worldwide Corporation (NYSE:OTIS) reported first quarter 2022 net sales of $3.4 billion with 3.1% organic growth. GAAP diluted earnings per share (EPS) increased 2.8% to $0.73 and adjusted EPS increased 6.9% to $0.77.

"Otis delivered a strong first quarter with broad based growth in New Equipment orders and maintenance portfolio units, nearly 6% Service organic sales growth, 30 basis points of Otis adjusted margin expansion and high-single digit adjusted EPS growth. In addition, year-to-date, we have made progress on our capital allocation strategy by successfully increasing our ownership in Zardoya Otis that will result in its automatic delisting in early May, repaying $500 million of debt and returning cash to shareholders through $200 million in share repurchases and a more than 20% increase in our dividend," said Judy Marks, Chair, CEO & President. “These achievements, and the progress we are making on our ESG initiatives, demonstrate the strength of our strategy, our ability to execute and the resilience of our business. Looking ahead, despite the intensifying macro challenges, including the impact from the crisis in Ukraine, we expect to achieve 3 to 4% organic sales growth and 10% adjusted EPS growth, at the midpoint."

Key Figures
($ millions, except per share amounts)Quarter Ended March 31,
20222021Y/YY/Y (CFX)
Net sales$3,414 $3,408 0.2 %3.2 %
Organic sales3.1 %
GAAP
Operating profit$526 $509 $17 
Operating profit margin15.4 %14.9 %50 bps
Net income$311 $308 1.0 %
Earnings per share$0.73 $0.71 2.8 %
Adjusted non-GAAP comparison
Operating profit$542 $533 $$29 
Operating profit margin15.9 %15.6 %30 bps
Net income$329 $312 5.4 %
Earnings per share$0.77 $0.72 6.9 %



The following information was filed by Otis Worldwide Corp (OTIS) on Monday, April 25, 2022 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 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 - 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)
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)
Contingent Liabilities
Contingent Liabilities (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)
General
General (Details)
General (Policies)
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)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Pre-Tax Restructuring Costs (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)
Stock
Stock (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: OTIS
CIK: 1781335
Form Type: 10-Q Quarterly Report
Accession Number: 0001781335-22-000016
Submitted to the SEC: Wed Apr 27 2022 4:37:53 PM EST
Accepted by the SEC: Wed Apr 27 2022
Period: Thursday, March 31, 2022
Industry: Electronic And Other Electrical Equipment No Computer Equip

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