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Otis Worldwide Corp (OTIS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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  • 10-Q Quarterly Report July 2022
  • 10-Q Quarterly Report April 2022
    10-Q Quarterly Report October 2021
    10-Q Quarterly Report July 2021
    10-Q Quarterly Report April 2021
    10-Q Quarterly Report October 2020
    10-Q Quarterly Report July 2020
    10-Q Quarterly Report May 2020

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS SECOND QUARTER 2022 RESULTS

Delivers solid second quarter results with high teens New Equipment order growth,
mid-single digit organic Service sales growth and low teens adjusted EPS growth

2Q Net sales down 5.8% and organic sales up 0.4%. GAAP EPS ~flat and adjusted EPS up 11.7%
2Q New Equipment orders up 16.5%; NE backlog up 6%, adjusted backlog up 10% at constant currency
2Q Maintenance portfolio units were up nearly 3.5%
YTD GAAP cash flow from operations of $857 million; free cash flow of $800 million, or 127% of net income
Completed the delisting of Zardoya Otis and reached an agreement to divest our Russia business with closing expected imminently
Revised full-year outlook1 with organic sales up 2.5 to 3.5%, adjusted EPS of $3.17 to $3.21 and free cash flow of ~$1.6 billion

FARMINGTON, Conn., July 27, 2022 – Otis Worldwide Corporation (NYSE:OTIS) reported second quarter 2022 net sales of $3.5 billion with 0.4% organic growth. GAAP diluted earnings per share (EPS) of $0.76 was flat versus the prior year and adjusted EPS increased 11.7% to $0.86.

"Otis completed a strong first half, delivering a solid second quarter with record New Equipment orders and the best maintenance portfolio growth in over a decade. We grew adjusted EPS low teens, driven by strong organic growth in the Service business and productivity performance in both segments that helped to overcome the impact of lockdowns in China, higher commodity prices and significant headwinds from the strengthening of the US Dollar," said Judy Marks, Chair, CEO & President. “Looking ahead, we expect to deliver 2.5 to 3.5% organic sales growth, high single digit adjusted EPS growth and $1.6 billion in free cash flow in 2022. We'll continue to advance our long-term strategy and drive operational execution to set a strong foundation for continued performance in 2023 and beyond."




The following information was filed by Otis Worldwide Corp (OTIS) on Wednesday, July 27, 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)
General (Tables)
General - Summary Of Error Correction (Details)
Guarantees
Guarantees (Tables)
Guarantees - Guarantees And Product Warranties Rollforward (Details)
Guarantees - Narrative (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (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
Ticker: OTIS
CIK: 1781335
Form Type: 10-Q Quarterly Report
Accession Number: 0001781335-22-000037
Submitted to the SEC: Thu Jul 28 2022 4:19:01 PM EST
Accepted by the SEC: Thu Jul 28 2022
Period: Thursday, June 30, 2022
Industry: Electronic And Other Electrical Equipment No Computer Equip

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