Otis delivers solid fourth quarter and full
year results; announces 2025 outlook with sustained earnings growth
driven by continued Service momentum
Fourth quarter 2024
- Net sales up 1.5% and organic sales up 1.9%, driven by Service
sales up 7.6% and Service organic sales up 7.8%
- GAAP EPS up 6.3% and adjusted EPS up 6.9% with continued margin
expansion
- Maintenance portfolio units increased 4.2%
- Modernization orders up 18%; backlog up 10%, 13% at constant
currency
- GAAP cash flow from operations of $690
million; adjusted free cash flow of $682 million; share repurchases of $200 million
Full year 2024
- Net sales up 0.4% and organic sales up 1.4%, driven by Service
sales up 5.9% and Service organic sales up 6.8%
- GAAP EPS up 20.1% and adjusted EPS up 8.2%
- GAAP cash flow from operations of $1.6
billion, adjusted free cash flow of $1.6 billion; share repurchases of $1.0 billion
Outlook for full year 2025*: Organic sales up 2 to 4%, adjusted
earnings per share of $4.00 to
$4.10 and adjusted free cash flow of
approximately $1.6 billion
FARMINGTON, Conn., Jan. 29,
2025 /PRNewswire/ -- Otis Worldwide Corporation
(NYSE:OTIS) reported full year net sales of $14.3 billion with 1.4% organic growth. GAAP
earnings per share (EPS) increased 20.1% to $4.07 and adjusted EPS increased 8.2% to
$3.83.
"Otis finished 2024 with solid fourth quarter results including
high single digit adjusted EPS growth, our highest cash flow since
spin, and modernization orders up 18%," said Chair, CEO &
President Judy Marks. "For the full
year, we delivered organic sales growth and strong adjusted margin
expansion for the fourth consecutive year. Our industry-leading
maintenance portfolio grew 4.2% to approximately 2.4 million units,
and our modernization backlog grew low teens. The quarter and the
year show that our strategic New Equipment, Service and
modernization flywheel is working with more growth in the higher
margin elements of the business. As in 2023 and 2024, we enter 2025
with continued strong momentum."
|
*Note: When we provide
outlook for organic sales, adjusted operating profit, adjusted EPS,
adjusted effective tax rate and adjusted free cash flow on a
forward-looking basis, a reconciliation of the differences between
the non-GAAP expectations and the corresponding GAAP measures
generally is not available without unreasonable effort. See "Use
and Definitions of Non-GAAP Financial Measures" below for
additional information.
|
Key Figures
|
($ millions,
except per
share amounts)
|
Quarter Ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Y/Y
(CFX)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Y/Y
(CFX)
|
|
Net sales
|
$
3,675
|
|
$
3,620
|
|
1.5 %
|
|
2.3 %
|
|
$ 14,261
|
|
$ 14,209
|
|
0.4 %
|
|
1.6 %
|
|
Organic sales
growth
|
|
|
|
|
|
|
1.9 %
|
|
|
|
|
|
|
|
1.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Operating
profit
|
$ 531
|
|
$ 522
|
|
$
9
|
|
|
|
$
2,008
|
|
$
2,186
|
|
$
(178)
|
|
|
|
Operating profit
margin
|
14.4 %
|
|
14.4 %
|
|
0 bps
|
|
|
|
14.1 %
|
|
15.4 %
|
|
(130) bps
|
|
|
|
Net income
|
$ 337
|
|
$ 323
|
|
4.3 %
|
|
|
|
$
1,645
|
|
$
1,406
|
|
17.0 %
|
|
|
|
Earnings per
share
|
$
0.84
|
|
$
0.79
|
|
6.3 %
|
|
|
|
$ 4.07
|
|
$ 3.39
|
|
20.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP
comparison
|
|
Operating
profit
|
$ 583
|
|
$ 566
|
|
$
17
|
|
$
22
|
|
$
2,356
|
|
$
2,269
|
|
$
87
|
|
$
118
|
|
Operating profit
margin
|
15.9 %
|
|
15.6 %
|
|
30 bps
|
|
|
|
16.5 %
|
|
16.0 %
|
|
50 bps
|
|
|
|
Net income
|
$ 374
|
|
$ 356
|
|
5.1 %
|
|
|
|
$
1,548
|
|
$
1,469
|
|
5.4 %
|
|
|
|
Earnings per
share
|
$
0.93
|
|
$
0.87
|
|
6.9 %
|
|
|
|
$ 3.83
|
|
$ 3.54
|
|
8.2 %
|
|
|
Fourth quarter net sales of $3.7
billion increased 1.5% versus the prior year, driven by
Service.
Fourth quarter GAAP operating profit of $531 million increased $9
million and adjusted operating profit of $583 million increased $17
million at actual currency and $22
million at constant currency, driven by Service. GAAP
operating profit margin was flat versus the prior year and adjusted
operating profit margin expanded 30 basis points to 15.9%, driven
by favorable Service segment performance and mix.
GAAP EPS of $0.84 increased 6.3%
compared to the prior year and adjusted EPS increased 6.9% to
$0.93 due to solid operational
performance and a lower share count.
Full year net sales of $14.3
billion increased 0.4%, with a 1.4% increase in organic
sales, driven by Service. GAAP operating profit of $2.0 billion decreased $178 million driven primarily by
separation-related adjustments based on non-recurring tax items.
Adjusted operating profit of $2.4
billion increased $87 million
at actual currency and $118 million
at constant currency, driven by Service. GAAP operating profit
margin contracted 130 basis points to 14.1%, and adjusted operating
profit margin expanded 50 basis points to 16.5%, driven by
favorable Service segment performance and mix. GAAP EPS of
$4.07 increased 20.1% compared to the
prior year primarily driven by non-recurring tax benefit and
related interest income, and adjusted EPS increased 8.2% to
$3.83 due to solid operating profit
growth, a reduction in the effective tax rate, a lower share count,
and lower noncontrolling interest.
New Equipment
|
|
Quarter Ended
December 31,
|
|
Year Ended December
31,
|
|
($
millions)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Y/Y
(CFX)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Y/Y
(CFX)
|
|
Net sales
|
|
$
1,357
|
|
$
1,466
|
|
(7.4) %
|
|
(6.7) %
|
|
$
5,367
|
|
$
5,812
|
|
(7.7) %
|
|
(6.3) %
|
|
Organic
sales
|
|
|
|
|
|
|
|
(6.8) %
|
|
|
|
|
|
|
|
(6.4) %
|
|
Segment operating
profit
|
|
$
64
|
|
$
89
|
|
$ (25)
|
|
$
(24)
|
|
$
329
|
|
$
381
|
|
$ (52)
|
|
$
(44)
|
|
Segment operating
profit margin
|
|
4.7 %
|
|
6.1 %
|
|
(140) bps
|
|
|
|
6.1 %
|
|
6.6 %
|
|
(50) bps
|
|
|
In the fourth quarter, net sales of $1.4
billion decreased 7.4% versus the prior year, with
mid-single digit organic sales growth in the Americas, EMEA, and
Asia Pacific more than offset by a
greater than 20% decline in China.
Segment operating profit of $64
million decreased $25 million
at actual currency and $24
million at constant currency from the impacts of lower volume
and unfavorable mix, partially offset by price, productivity
including the benefits from UpLift, and commodity tailwinds.
Segment operating profit margin contracted 140 basis points to
4.7%.
New Equipment orders were down 4% at constant currency with
greater than 20% growth in Asia
Pacific and mid-teens growth in the Americas more than
offset by high single digit decline in EMEA and a greater than 20%
decline in China. Full year New
Equipment orders were down 8% with low teens growth in Asia Pacific and mid-single digit growth in
EMEA more than offset by mid-single digit decline in the Americas
and a greater than 20% decline in China. New Equipment backlog decreased 7% at
actual currency and 4% at constant currency.
Full year net sales of $5.4
billion decreased 7.7% versus the prior year, with mid-single
digit organic sales growth in the Americas and Asia Pacific, and low single digit organic
sales growth in EMEA more than offset by a greater than 20% decline
in China. Segment operating profit
of $329
million decreased $52 million at actual currency and
$44 million at constant currency
from the impacts of lower volume and unfavorable mix, partially
offset by price, productivity including the benefits from UpLift,
and commodity tailwinds. Segment operating profit margin contracted
50 basis points to 6.1%.
Service
|
|
Quarter Ended
December 31,
|
|
Year Ended December
31,
|
|
($
millions)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Y/Y
(CFX)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Y/Y
(CFX)
|
|
Net sales
|
|
$
2,318
|
|
$
2,154
|
|
7.6 %
|
|
8.3 %
|
|
$
8,894
|
|
$
8,397
|
|
5.9 %
|
|
7.1 %
|
|
Organic
sales
|
|
|
|
|
|
|
|
7.8 %
|
|
|
|
|
|
|
|
6.8 %
|
|
Segment operating
profit
|
|
$ 569
|
|
$ 518
|
|
$
51
|
|
$ 54
|
|
$
2,185
|
|
$
2,014
|
|
$ 171
|
|
$
192
|
|
Segment operating
profit margin
|
|
24.5 %
|
|
24.0 %
|
|
50 bps
|
|
|
|
24.6 %
|
|
24.0 %
|
|
60 bps
|
|
|
In the fourth quarter, net sales of $2.3
billion increased 7.6% versus the prior year, with a 7.8%
increase in organic sales. Organic maintenance and repair sales
increased 5.6% and organic modernization sales increased 17.5%.
Segment operating profit of $569
million increased $51 million
at actual currency and $54 million at
constant currency due to higher volume, favorable pricing, and
productivity including the benefits from UpLift, partially offset
by annual wage inflation. Segment operating profit margin of 24.5%
expanded 50 basis points.
Full year net sales of $8.9
billion increased 5.9% versus the prior year, with a 6.8%
increase in organic sales. Organic maintenance and repair sales
increased 5.7% and organic modernization sales increased 11.7%.
Segment operating profit of $2.2
billion increased $171 million
at actual currency and $192 million
at constant currency due to higher volume, favorable pricing, and
productivity including the benefits from UpLift, partially offset
by annual wage inflation. Segment operating profit margin expanded
60 basis points to 24.6%.
Cash flow
|
|
Quarter Ended
December 31,
|
|
Year Ended December
31,
|
|
($
millions)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
2024
|
|
2023
|
|
Y/Y
|
|
Cash flow from
operations
|
|
$
690
|
|
$
597
|
|
$
93
|
|
$
1,563
|
|
$
1,627
|
|
$
(64)
|
|
Free cash
flow
|
|
$
651
|
|
$
555
|
|
$
96
|
|
$
1,437
|
|
$
1,489
|
|
$
(52)
|
|
Adjusted free cash
flow
|
|
$
682
|
|
$
573
|
|
$
109
|
|
$
1,571
|
|
$
1,534
|
|
$
37
|
Fourth quarter cash flow changes were driven by an increase in
net income and the benefit from working capital reduction.
Full year cash flow changes were driven by an increase in net
income, offset by changes in working capital. Working capital
includes the benefit of accounts receivable net of accounts
payable.
2025 Outlook*
Otis is announcing its full year outlook:
- Net sales of $14.1 to
$14.4 billion, down 1 to up 1%
- Organic sales up 2 to 4%
- Organic New Equipment sales down 1 to 4%
- Organic Service sales up 6 to 7%
- Adjusted operating profit of $2.4
to $2.5 billion, up $120 to $150
million at constant currency; up $55 to $105 million
at actual currency
- Adjusted EPS of $4.00 to
$4.10, up 4 to 7%; adjusted effective
tax rate of approximately 24.8%
- Adjusted free cash flow of approximately $1.6 billion
Otis continues strong execution on its UpLift program and
is increasing expected run-rate savings to $200 million by the second half of 2025. Otis
also launches its China
transformation program to adjust its operating model to adapt to
changing market conditions, with expected run-rate savings of
$30 million by year-end 2025.
|
*Note: When we provide
outlook for organic sales, adjusted operating profit, adjusted EPS,
adjusted effective tax rate and adjusted free cash flow on a
forward-looking basis, a reconciliation of the differences between
the non-GAAP expectations and the corresponding GAAP measures
generally is not available without unreasonable effort. See "Use
and Definitions of Non-GAAP Financial Measures" below for
additional information.
|
About Otis
Otis is the world's leading elevator and escalator
manufacturing, installation and service company. We move 2.4
billion people a day and maintain approximately 2.4 million
customer units worldwide, the industry's largest Service portfolio.
Headquartered in Connecticut, USA,
Otis is 72,000 people strong, including 44,000 field professionals,
all committed to manufacturing, installing and maintaining products
to meet the diverse needs of our customers and passengers in more
than 200 countries and territories worldwide. For more information,
visit www.otis.com and follow us on LinkedIn, Instagram, and
Facebook @OtisElevatorCo.
Use and Definitions of Non-GAAP Financial Measures
Otis Worldwide Corporation ("Otis") reports its financial
results in accordance with accounting principles generally accepted
in the United States ("GAAP"). We
supplement the reporting of our financial information determined
under GAAP with certain non-GAAP financial information. The
non-GAAP information presented provides investors with additional
useful information, but should not be considered in isolation or as
substitutes for the related GAAP measures. Moreover, other
companies may define non-GAAP measures differently, which limits
the usefulness of these measures for comparisons with such other
companies. We encourage investors to review our financial
statements and publicly filed reports in their entirety and not to
rely on any single financial measure. A reconciliation of the
non-GAAP measures (referenced in this press release) to the
corresponding amounts prepared in accordance with GAAP appears in
the attached tables. These tables provide additional information as
to the items and amounts that have been excluded from the adjusted
measures. Below are our non-GAAP financial measures:
|
Non-GAAP
measure
|
Definition
|
|
Organic
sales
|
Represents consolidated
net sales (a GAAP measure), excluding the impact of foreign
currency translation, acquisitions and divestitures completed in
the preceding twelve months and other significant items of a
non-recurring and/or nonoperational nature ("other significant
items"). Management believes organic sales is a useful measure in
providing period-to-period comparisons of the results of the
Company's ongoing operational performance.
|
|
Adjusted selling,
general and administrative ("SG&A") expense
|
Represents SG&A
expense (a GAAP measure), excluding restructuring costs and other
significant items.
|
|
Adjusted operating
profit
|
Represents income from
continuing operations (a GAAP measure), excluding restructuring
costs and other significant items.
|
|
Adjusted net interest
expense
|
Represents net interest
expense (a GAAP measure), adjusted for the impacts of non-recurring
acquisition related financing costs and related net interest
expense pending the completion of a transaction and other
significant items.
|
|
Adjusted noncontrolling
interest in earnings
|
Represents
noncontrolling interest in earnings (a GAAP measure), excluding
restructuring costs and other significant items, including related
tax effects.
|
|
Adjusted net
income
|
Represents net income
attributable to Otis Worldwide Corporation (a GAAP measure),
excluding restructuring costs and other significant items,
including related tax effects.
|
|
Adjusted earnings per
share ("EPS")
|
Represents diluted
earnings per share attributable to common shareholders (a GAAP
measure), adjusted for the per share impact of restructuring and
other significant items, including related tax effects.
|
|
Adjusted effective tax
rate
|
Represents the
effective tax rate (a GAAP measure) adjusted for other significant
items and the tax impact of restructuring costs and other
significant items.
|
|
Constant
currency
|
GAAP financial results
include the impact of changes in foreign currency exchange rates
("AFX"). We use the non-GAAP measure "at constant currency" or
"CFX" to show changes in our financial results without giving
effect to period-to-period currency fluctuations. Under U.S. GAAP,
income statement results are translated in U.S. dollars at the
average exchange rate for the period presented. Management believes
that this non-GAAP measure is useful in providing period-to-period
comparisons of the results of the Company's ongoing operational
performance.
|
|
Free cash
flow
|
Represents cash flow
from operations (a GAAP measure) less capital expenditures.
Management believes free cash flow is a useful measure of liquidity
and an additional basis for assessing Otis' ability to fund its
activities, including the financing of acquisitions, debt service,
repurchases of common stock and distribution of earnings to
shareholders. Free cash flow should not be considered an
alternative to, or more meaningful than, net cash flows provided by
operating activities, or any other measure of liquidity presented
in accordance with GAAP.
|
|
Adjusted free cash
flow
|
Represents cash flow
from operations (a GAAP measure) less capital expenditures,
adjusted to exclude certain items management believes affect the
comparability of operating results. Management believes adjusted
free cash flow is a useful measure of liquidity that provides
investors additional information regarding the Company's ability to
fund its activities, including the financing of acquisitions, debt
service, repurchases of common stock and distribution of earnings
to shareholders. Adjusted free cash flow should not be considered
an alternative to, or more meaningful than, net cash flows provided
by operating activities, or any other measure of liquidity
presented in accordance with GAAP.
|
Management believes that organic sales, adjusted SG&A,
adjusted operating profit, adjusted net interest expense, adjusted
noncontrolling interest in earnings, adjusted net income, adjusted
EPS and the adjusted effective tax rate are useful measures in
providing period-to-period comparisons of the results of the
Company's ongoing operational performance.
When we provide our expectations for adjusted net sales, organic
sales, adjusted operating profit, adjusted net interest expense,
adjusted noncontrolling interest in earnings, adjusted net income,
adjusted effective tax rate, adjusted EPS, free cash flow and
adjusted free cash flow on a forward-looking basis, a
reconciliation of the differences between the non-GAAP expectations
and the corresponding GAAP measures (expected diluted EPS from
continuing operations, operating profit, the effective tax rate,
net sales and expected cash flow from operations) generally is not
available without unreasonable effort due to potentially high
variability, complexity and low visibility as to the items that
would be excluded from the GAAP measure in the relevant future
period, such as unusual gains and losses, the ultimate outcome of
pending litigation, fluctuations in foreign currency exchange
rates, the impact and timing of potential acquisitions and
divestitures, and other structural changes or their probable
significance. The variability of the excluded items may have a
significant, and potentially unpredictable, impact on our future
GAAP results.
Cautionary Statement
This communication contains statements which, to the extent they
are not statements of historical or present fact, constitute
"forward-looking statements" under the securities laws. From time
to time, oral or written forward-looking statements may also be
included in other information released to the public. These
forward-looking statements are intended to provide management's
current expectations or plans for Otis' future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements can be identified by the use
of words such as "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target,"
"anticipate," "will," "should," "see," "guidance," "outlook,"
"medium-term," "near-term," "confident," "goals" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Forward-looking statements may include,
among other things, statements relating to future sales, earnings,
cash flow, results of operations, uses of cash, dividends, share
repurchases, tax rates, research & development spend,
restructuring or transformation actions (including UpLift and
related reorganization and outsourcing activities), credit ratings,
net indebtedness and other measures of financial performance or
potential future plans, strategies or transactions, or statements
that relate to climate change and our intent to achieve certain
environmental, social and governance targets or goals, including
operational impacts and costs associated therewith, and other
statements that are not historical facts. All forward-looking
statements involve risks, uncertainties and other factors that may
cause actual results to differ materially from those expressed or
implied in the forward-looking statements. For those statements,
Otis claims the protection of the safe harbor for forward-looking
statements contained in the U.S. Private Securities Litigation
Reform Act of 1995. Such risks, uncertainties and other factors
include, without limitation: (1) the effect of economic conditions
in the industries and markets in which Otis and its businesses
operate and any changes therein, including financial market
conditions, fluctuations in commodity prices and other inflationary
pressures, interest rates and foreign currency exchange rates,
levels of end market demand in construction, pandemic health
issues, natural disasters, whether as a result of climate change or
otherwise, and the financial condition of Otis' customers and
suppliers; (2) the effect of changes in political conditions in the
U.S., including in connection with the new administration's
policies and priorities, or otherwise, and other countries in which
Otis and its businesses operate, including the effects of the
ongoing conflict between Russia
and Ukraine, the conflicts in the
Middle East, and tensions between
the U.S. and China, on general
market conditions, commodity costs, global trade policies and
related sanctions, export controls and tariffs, and currency
exchange rates in the near term and beyond; (3) challenges in the
development, production, delivery, support, performance and
realization of the anticipated benefits of advanced technologies
and new products and services; (4) future levels of indebtedness,
capital spending and research and development spending; (5) future
availability of credit and factors that may affect such
availability or costs thereof, including credit market conditions
and Otis' capital structure; (6) the timing and scope of future
repurchases of Otis' common stock, which may be suspended at any
time due to various factors, including market conditions and the
level of other investing activities and uses of cash; (7)
fluctuations in prices and delays and disruption in delivery of
materials and services from suppliers, whether as a result of
changes in general economic conditions, geopolitical conflicts or
otherwise; (8) cost reduction or containment actions, restructuring
or transformation costs and related savings and other consequences
thereof, including with respect to UpLift and related impacts of
reorganization and outsourcing activities and change management;
(9) new business and investment opportunities; (10) the outcome of
legal proceedings, investigations and other contingencies; (11)
pension plan assumptions and future contributions; (12) the impact
of the negotiation of collective bargaining agreements and labor
disputes, labor actions, including strikes or work stoppages, and
labor inflation in the markets in which Otis and its businesses
operate globally; (13) the effect of changes in tax, environmental,
regulatory (including among other things import/export, tariffs,
climate change or other ESG related legal and regulatory changes)
and other laws and regulations in the U.S., including in connection
with the new administration's policies and priorities, and other
countries in which Otis and its businesses operate; (14) the
ability of Otis to retain and hire key personnel; (15) the scope,
nature, impact or timing of acquisition and divestiture activity,
the integration of acquired businesses into existing businesses and
realization of synergies and opportunities for growth and
innovation and incurrence of related costs; (16) the determination
by the Internal Revenue Service and other tax authorities that the
distribution or certain related transactions should be treated as
taxable transactions in connection with the separation (the
"Separation") of Otis and Carrier Global Corporation ("Carrier")
from United Technologies Corporation (now known as RTX Corporation
("RTX"); and (17) our obligations and disputes that have or may
hereafter arise under the agreements we entered into with RTX and
Carrier in connection with the Separation. The above list of
factors is not exhaustive or necessarily in order of importance.
For additional information on identifying factors that may cause
actual results to vary from those stated in forward-looking
statements, see Otis' registration statement on Form 10 and the
reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished
to the SEC from time to time. Any forward-looking statement speaks
only as of the date on which it is made, and Otis assumes no
obligation to update or revise such statement, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
|
Otis Worldwide
Corporation
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
Quarter
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(amounts in
millions, except per share amounts)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net Sales
|
|
$
3,675
|
|
$
3,620
|
|
$
14,261
|
|
$
14,209
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
|
|
Cost of products and
services sold
|
|
2,603
|
|
2,552
|
|
10,004
|
|
10,016
|
|
Research and
development
|
|
37
|
|
37
|
|
152
|
|
144
|
|
Selling, general and
administrative
|
|
495
|
|
498
|
|
1,861
|
|
1,884
|
|
Total Costs and
Expenses
|
|
3,135
|
|
3,087
|
|
12,017
|
|
12,044
|
|
Other income (expense),
net
|
|
(9)
|
|
(11)
|
|
(236)
|
|
21
|
|
Operating
profit
|
|
531
|
|
522
|
|
2,008
|
|
2,186
|
|
Non-service pension
cost (benefit)
|
|
—
|
|
4
|
|
—
|
|
5
|
|
Interest expense
(income), net
|
|
48
|
|
41
|
|
(31)
|
|
150
|
|
Net income before
income taxes
|
|
483
|
|
477
|
|
2,039
|
|
2,031
|
|
Income tax
expense
|
|
130
|
|
133
|
|
305
|
|
533
|
|
Net income
|
|
353
|
|
344
|
|
1,734
|
|
1,498
|
|
Less: Noncontrolling
interest in subsidiaries' earnings
|
|
16
|
|
21
|
|
89
|
|
92
|
|
Net income attributable
to Otis Worldwide Corporation
|
|
$
337
|
|
$
323
|
|
$
1,645
|
|
$
1,406
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share of
Common Stock:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.85
|
|
$
0.79
|
|
$
4.10
|
|
$
3.42
|
|
Diluted
|
|
$
0.84
|
|
$
0.79
|
|
$
4.07
|
|
$
3.39
|
|
Weighted Average Number
of Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
Basic shares
|
|
398.7
|
|
408.0
|
|
401.7
|
|
411.4
|
|
Diluted
Shares
|
|
401.3
|
|
410.9
|
|
404.4
|
|
414.6
|
|
Otis Worldwide
Corporation
|
|
Reconciliation of
Reported (GAAP) to Adjusted Operating Profit & Operating Profit
Margin
|
|
|
|
Quarter
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(dollars in
millions)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net
Sales
|
|
|
|
|
|
|
|
|
|
New
Equipment
|
|
$
1,357
|
|
$
1,466
|
|
$
5,367
|
|
$
5,812
|
|
Service
|
|
2,318
|
|
2,154
|
|
8,894
|
|
8,397
|
|
Total Net
Sales
|
|
$
3,675
|
|
$
3,620
|
|
$ 14,261
|
|
$ 14,209
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
|
|
|
|
|
|
|
|
New
Equipment
|
|
$
64
|
|
$
89
|
|
$
329
|
|
$
381
|
|
Service
|
|
569
|
|
518
|
|
2,185
|
|
2,014
|
|
Total segment operating
profit
|
|
633
|
|
607
|
|
2,514
|
|
2,395
|
|
Corporate and
Unallocated
|
|
(102)
|
|
(85)
|
|
(506)
|
|
(209)
|
|
Total Otis GAAP
Operating Profit
|
|
531
|
|
522
|
|
2,008
|
|
2,186
|
|
UpLift
restructuring
|
|
20
|
|
25
|
|
31
|
|
25
|
|
Other
restructuring
|
|
11
|
|
6
|
|
40
|
|
42
|
|
UpLift transformation
costs
|
|
20
|
|
12
|
|
65
|
|
16
|
|
Separation-related
adjustments 1
|
|
—
|
|
—
|
|
177
|
|
—
|
|
Litigation and
settlement costs 2
|
|
—
|
|
—
|
|
18
|
|
—
|
|
Held for sale
impairment
|
|
—
|
|
—
|
|
18
|
|
—
|
|
Other, net
|
|
1
|
|
1
|
|
(1)
|
|
—
|
|
Total Otis Adjusted
Operating Profit
|
|
$
583
|
|
$
566
|
|
$
2,356
|
|
$
2,269
|
|
Reported Total
Operating Profit Margin
|
|
14.4 %
|
|
14.4 %
|
|
14.1 %
|
|
15.4 %
|
|
Adjusted Total
Operating Profit Margin
|
|
15.9 %
|
|
15.6 %
|
|
16.5 %
|
|
16.0 %
|
|
|
1
Separation-related adjustments in the year ended December 31, 2024
represent amounts due to RTX Corporation (our former parent)
in accordance with the Tax Matters Agreement, including those
amounts related to a favorable ruling received in August 2024
regarding a tax litigation in Germany.
|
|
|
2
Litigation-related settlement costs in the year ended December 31,
2024 represent the aggregate amount of settlement costs and
increase in loss contingency accruals, excluding legal costs, for
certain legal matters that are outside of the ordinary course of
business due to the size, complexity and unique facts of these
matters.
|
|
|
Otis discloses segment
operating profit as its measure of segment performance, reconciled
to total Otis operating profit. Segment operating profit exclude
certain expenses and income that are not allocated to segments (as
described above as "Corporate and Unallocated").
|
|
|
Effective in the first
quarter of 2024, the measure of segment performance used by Otis'
Chief Operating Decision Maker ("CODM") changed and, as a result,
Otis' disclosed measure of segment performance (segment operating
profit) was updated. The change to segment operating profit aligns
with the update to how the CODM assesses performance and allocates
resources for the Company's segments, and therefore is our measure
of segment profitability.
|
|
|
As a result of the
change, restructuring costs and other items not allocated to the
operating segments are presented as part of Corporate and
Unallocated. The financial information presented herein reflects
the impact of the measure of segment performance change for all
periods presented.
|
|
Otis Worldwide
Corporation
|
|
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per
Share, and Effective Tax Rate
|
|
|
|
Quarter
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(dollars in
millions, except per share amounts)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Adjusted Operating
Profit
|
|
$
583
|
|
$
566
|
|
$
2,356
|
|
$
2,269
|
|
Non-service pension
cost (benefit)
|
|
—
|
|
4
|
|
—
|
|
5
|
|
Adjusted net interest
expense 1, 2
|
|
48
|
|
41
|
|
191
|
|
150
|
|
Adjusted income from
operations before income taxes
|
|
535
|
|
521
|
|
2,165
|
|
2,114
|
|
Income tax expense
(benefit)
|
|
130
|
|
133
|
|
305
|
|
533
|
|
Tax impact on
restructuring and non-recurring items
|
|
14
|
|
11
|
|
38
|
|
20
|
|
Non-recurring tax items
1, 2
|
|
(1)
|
|
—
|
|
194
|
|
—
|
|
Adjusted net income
from operations
|
|
392
|
|
377
|
|
1,628
|
|
1,561
|
|
Adjusted noncontrolling
interest 1,3
|
|
18
|
|
21
|
|
80
|
|
92
|
|
Adjusted net income
attributable to common shareholders
|
|
$
374
|
|
$
356
|
|
$
1,548
|
|
$
1,469
|
|
|
|
|
|
|
|
|
|
|
GAAP income
attributable to common shareholders
|
|
$
337
|
|
$
323
|
|
$
1,645
|
|
$
1,406
|
|
UpLift
restructuring
|
|
20
|
|
25
|
|
31
|
|
25
|
|
Other
restructuring
|
|
11
|
|
6
|
|
40
|
|
42
|
|
UpLift transformation
costs
|
|
20
|
|
12
|
|
65
|
|
16
|
|
Separation-related
adjustments
|
|
—
|
|
—
|
|
177
|
|
—
|
|
Litigation-related
settlement costs
|
|
—
|
|
—
|
|
18
|
|
—
|
|
Held for sale
impairment
|
|
—
|
|
—
|
|
18
|
|
—
|
|
Interest income related
to non-recurring tax items 1, 2
|
|
(1)
|
|
—
|
|
(211)
|
|
—
|
|
Tax effects of
restructuring, non-recurring items and other adjustments
|
|
(14)
|
|
(11)
|
|
(38)
|
|
(20)
|
|
Non-recurring tax items
1, 2
|
|
1
|
|
—
|
|
(194)
|
|
—
|
|
Other, net
3
|
|
—
|
|
1
|
|
(3)
|
|
—
|
|
Adjusted net income
attributable to common shareholders
|
|
$
374
|
|
$
356
|
|
$
1,548
|
|
$
1,469
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
$
0.84
|
|
$
0.79
|
|
$
4.07
|
|
$
3.39
|
|
Impact to diluted
earnings per share
|
|
0.09
|
|
0.08
|
|
(0.24)
|
|
0.15
|
|
Adjusted Diluted
Earnings Per Share
|
|
$
0.93
|
|
$
0.87
|
|
$
3.83
|
|
$
3.54
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate
|
|
26.9 %
|
|
27.9 %
|
|
15.0 %
|
|
26.2 %
|
|
Impact of adjustments
on effective tax rate
|
|
(0.2) %
|
|
(0.3) %
|
|
9.8 %
|
|
(0.1) %
|
|
Adjusted Effective
Tax Rate
|
|
26.7 %
|
|
27.6 %
|
|
24.8 %
|
|
26.1 %
|
|
|
1 Certain tax reserves were adjusted
in 2024. As a result, Net interest expense and Noncontrolling
interest are reflected as adjusted without $21 million of interest
income and $11 million of the noncontrolling interest share of the
reserves adjustments for the year ended December 31,
2024.
|
|
|
2 In August
2024, we received a favorable ruling regarding a tax litigation in
Germany. As a result, income tax benefits and related interest
income were recorded in the third and fourth quarter of 2024. Net
interest expense is reflected as adjusted without $1 million and
$201 million of interest income for the quarter and year ended
December 31, 2024, respectively.
|
|
|
3
Noncontrolling interest is reflected as adjusted without $2 million
of the noncontrolling interest share of Other restructuring for the
quarter and year ended December 31, 2024.
|
|
Otis Worldwide
Corporation
|
|
Components of
Changes in Net Sales
|
|
|
Quarter Ended
December 31, 2024 Compared with Quarter Ended December 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors Contributing
to Total % Change in Net Sales
|
|
|
Organic
|
|
FX
Translation
|
|
Acquisitions
/
Divestitures,
net
|
|
Total
|
|
New
Equipment
|
|
(6.8) %
|
|
(0.7) %
|
|
0.1 %
|
|
(7.4) %
|
|
Service
|
|
7.8 %
|
|
(0.7) %
|
|
0.5 %
|
|
7.6 %
|
|
Maintenance and
Repair
|
|
5.6 %
|
|
(0.7) %
|
|
0.6 %
|
|
5.5 %
|
|
Modernization
|
|
17.5 %
|
|
(1.0) %
|
|
0.3 %
|
|
16.8 %
|
|
Total Net
Sales
|
|
1.9 %
|
|
(0.8) %
|
|
0.4 %
|
|
1.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2024 Compared with Year Ended December 31,
2023
|
|
|
|
|
|
|
|
|
|
Factors Contributing
to Total % Change in Net Sales
|
|
|
Organic
|
|
FX
Translation
|
|
Acquisitions
/
Divestitures,
net
|
|
Total
|
|
New
Equipment
|
|
(6.4) %
|
|
(1.4) %
|
|
0.1 %
|
|
(7.7) %
|
|
Service
|
|
6.8 %
|
|
(1.2) %
|
|
0.3 %
|
|
5.9 %
|
|
Maintenance and
Repair
|
|
5.7 %
|
|
(1.1) %
|
|
0.3 %
|
|
4.9 %
|
|
Modernization
|
|
11.7 %
|
|
(1.5) %
|
|
0.1 %
|
|
10.3 %
|
|
Total Net
Sales
|
|
1.4 %
|
|
(1.2) %
|
|
0.2 %
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
Components of New
Equipment Backlog
|
|
|
|
December 31,
2024
|
|
|
Y/Y Growth
%
|
|
New Equipment Backlog
increase at actual currency
|
|
(7) %
|
|
Foreign exchange impact
to New Equipment Backlog
|
|
3 %
|
|
New Equipment Backlog
increase at constant currency
|
|
(4) %
|
|
Components of
Modernization Backlog
|
|
|
|
December 31,
2024
|
|
|
Y/Y Growth
%
|
|
Modernization Backlog
increase at actual currency
|
|
10 %
|
|
Foreign exchange impact
to Modernization Backlog
|
|
3 %
|
|
Modernization Backlog
increase at constant currency
|
|
13 %
|
|
Otis Worldwide
Corporation
|
|
Reconciliation of
Segment and Total Adjusted Operating Profit at Constant
Currency
|
|
|
Quarter Ended
December 31, 2024 Compared with Quarter Ended December 31,
2023
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
|
|
|
|
|
|
|
New
Equipment
|
|
|
|
|
|
|
|
Segment Operating
Profit
|
|
$
64
|
|
$
89
|
|
$
(25)
|
|
Impact of foreign
exchange
|
|
1
|
|
—
|
|
1
|
|
Segment Operating
Profit at constant currency
|
|
$
65
|
|
$
89
|
|
$
(24)
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
|
Segment Operating
Profit
|
|
$
569
|
|
$
518
|
|
$
51
|
|
Impact of foreign
exchange
|
|
3
|
|
—
|
|
3
|
|
Segment Operating
Profit at constant currency
|
|
$
572
|
|
$
518
|
|
$
54
|
|
|
|
|
|
|
|
|
Otis
Consolidated
|
|
|
|
|
|
|
|
Adjusted Operating
Profit
|
|
$
583
|
|
$
566
|
|
$
17
|
|
Impact of foreign
exchange
|
|
5
|
|
—
|
|
5
|
|
Adjusted Operating
Profit at constant currency
|
|
$
588
|
|
$
566
|
|
$
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2024 Compared with Year Ended December 31,
2023
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions)
|
|
2024
|
|
2023
|
|
Y/Y
|
|
|
|
|
|
|
|
|
New
Equipment
|
|
|
|
|
|
|
|
Segment Operating
Profit
|
|
$
329
|
|
$
381
|
|
$
(52)
|
|
Impact of foreign
exchange
|
|
8
|
|
—
|
|
8
|
|
Segment Operating
Profit at constant currency
|
|
$
337
|
|
$
381
|
|
$
(44)
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
|
Segment Operating
Profit
|
|
$
2,185
|
|
$
2,014
|
|
$
171
|
|
Impact of foreign
exchange
|
|
21
|
|
—
|
|
21
|
|
Segment Operating
Profit at constant currency
|
|
$
2,206
|
|
$
2,014
|
|
$
192
|
|
|
|
|
|
|
|
|
Otis
Consolidated
|
|
|
|
|
|
|
|
Adjusted Operating
Profit
|
|
$
2,356
|
|
$
2,269
|
|
$
87
|
|
Impact of foreign
exchange
|
|
31
|
|
—
|
|
31
|
|
Adjusted Operating
Profit at constant currency
|
|
$
2,387
|
|
$
2,269
|
|
$
118
|
|
Otis Worldwide
Corporation
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
(dollars in
millions)
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
2,300
|
|
$
1,274
|
|
Accounts receivable,
net
|
|
3,428
|
|
3,538
|
|
Contract
assets
|
|
706
|
|
717
|
|
Inventories
|
|
557
|
|
612
|
|
Other current
assets
|
|
679
|
|
259
|
|
Total Current
Assets
|
|
7,670
|
|
6,400
|
|
Future income tax
benefits
|
|
302
|
|
323
|
|
Fixed assets,
net
|
|
701
|
|
727
|
|
Operating lease
right-of-use assets
|
|
422
|
|
416
|
|
Intangible assets,
net
|
|
311
|
|
335
|
|
Goodwill
|
|
1,548
|
|
1,588
|
|
Other assets
|
|
362
|
|
328
|
|
Total
Assets
|
|
$
11,316
|
|
$
10,117
|
|
|
|
|
|
|
Liabilities and
(Deficit) Equity
|
|
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
|
$
1,351
|
|
$
32
|
|
Accounts
payable
|
|
1,879
|
|
1,878
|
|
Accrued
liabilities
|
|
1,921
|
|
1,873
|
|
Contract
liabilities
|
|
2,598
|
|
2,696
|
|
Total Current
Liabilities
|
|
7,749
|
|
6,479
|
|
Long-term
debt
|
|
6,973
|
|
6,866
|
|
Future pension and
post-retirement benefit obligations
|
|
434
|
|
462
|
|
Operating lease
liabilities
|
|
298
|
|
292
|
|
Future income tax
obligations
|
|
207
|
|
245
|
|
Other long-term
liabilities
|
|
383
|
|
493
|
|
Total
Liabilities
|
|
16,044
|
|
14,837
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
57
|
|
135
|
|
Shareholders' Equity
(Deficit):
|
|
|
|
|
|
Common Stock and
additional paid-in-capital
|
|
265
|
|
213
|
|
Treasury
Stock
|
|
(3,390)
|
|
(2,382)
|
|
Accumulated
deficit
|
|
(978)
|
|
(2,005)
|
|
Accumulated other
comprehensive income (loss)
|
|
(745)
|
|
(750)
|
|
Total Shareholders'
Equity (Deficit)
|
|
(4,848)
|
|
(4,924)
|
|
Noncontrolling
interest
|
|
63
|
|
69
|
|
Total Equity
(Deficit)
|
|
(4,785)
|
|
(4,855)
|
|
Total Liabilities
and Equity (Deficit)
|
|
$
11,316
|
|
$
10,117
|
|
Otis Worldwide
Corporation
|
|
Condensed
Consolidated Statement of Cash Flows
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended December
31,
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(dollars in
millions)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
|
Net income from
operations
|
|
$
353
|
|
$
344
|
|
$
1,734
|
|
$
1,498
|
|
Adjustments to
reconcile net income to net cash flows provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
48
|
|
48
|
|
181
|
|
193
|
|
Deferred income tax
expense (benefit)
|
|
(5)
|
|
(27)
|
|
(31)
|
|
(61)
|
|
Stock compensation
cost
|
|
21
|
|
15
|
|
73
|
|
64
|
|
Gain from reversal of
German Tax Litigation interest accrual
|
|
—
|
|
—
|
|
(50)
|
|
—
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
25
|
|
(25)
|
|
(68)
|
|
(239)
|
|
Contract assets and
liabilities, current
|
|
(63)
|
|
(98)
|
|
(40)
|
|
(30)
|
|
Inventories
|
|
40
|
|
23
|
|
26
|
|
15
|
|
Other current
assets
|
|
19
|
|
42
|
|
(354)
|
|
38
|
|
Accounts
payable
|
|
172
|
|
187
|
|
57
|
|
152
|
|
Accrued
liabilities
|
|
83
|
|
99
|
|
85
|
|
33
|
|
Pension
contributions
|
|
(17)
|
|
(16)
|
|
(51)
|
|
(48)
|
|
Other operating
activities, net
|
|
14
|
|
5
|
|
1
|
|
12
|
|
Net cash flows
provided by (used in) operating activities
|
|
690
|
|
597
|
|
1,563
|
|
1,627
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(39)
|
|
(42)
|
|
(126)
|
|
(138)
|
|
Acquisitions of
businesses and intangible assets, net of cash
|
|
(17)
|
|
(9)
|
|
(87)
|
|
(36)
|
|
Proceeds from sale of
(investments in) marketable securities, net
|
|
—
|
|
6
|
|
(9)
|
|
4
|
|
Other investing
activities, net
|
|
102
|
|
(6)
|
|
58
|
|
(13)
|
|
Net cash flows
provided by (used in) investing activities
|
|
46
|
|
(51)
|
|
(164)
|
|
(183)
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
short-term borrowings, net
|
|
(314)
|
|
(23)
|
|
11
|
|
(113)
|
|
Issuance of long-term
debt
|
|
1,497
|
|
—
|
|
1,497
|
|
747
|
|
Payment of debt
issuance costs
|
|
(11)
|
|
—
|
|
(11)
|
|
(6)
|
|
Repayment of long-term
debt
|
|
—
|
|
(534)
|
|
—
|
|
(534)
|
|
Dividends paid on
Common Stock
|
|
(156)
|
|
(139)
|
|
(606)
|
|
(539)
|
|
Repurchases of Common
Stock
|
|
(207)
|
|
(225)
|
|
(1,007)
|
|
(800)
|
|
Dividends paid to
noncontrolling interest
|
|
(13)
|
|
(9)
|
|
(94)
|
|
(85)
|
|
Acquisition of
noncontrolling interest shares
|
|
—
|
|
—
|
|
(75)
|
|
—
|
|
Other financing
activities, net
|
|
(3)
|
|
(2)
|
|
(24)
|
|
(20)
|
|
Net cash flows
provided by (used in) financing activities
|
|
793
|
|
(932)
|
|
(309)
|
|
(1,350)
|
|
Summary of
Activity:
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
690
|
|
597
|
|
1,563
|
|
1,627
|
|
Net cash provided by
(used in) investing activities
|
|
46
|
|
(51)
|
|
(164)
|
|
(183)
|
|
Net cash provided by
(used in) financing activities
|
|
793
|
|
(932)
|
|
(309)
|
|
(1,350)
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
|
(40)
|
|
25
|
|
(49)
|
|
(9)
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
|
1,489
|
|
(361)
|
|
1,041
|
|
85
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
832
|
|
1,641
|
|
1,280
|
|
1,195
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
2,321
|
|
1,280
|
|
2,321
|
|
1,280
|
|
Less: Restricted
cash
|
|
21
|
|
6
|
|
21
|
|
6
|
|
Cash and cash
equivalents, end of period
|
|
$
2,300
|
|
$
1,274
|
|
$
2,300
|
|
$
1,274
|
|
Otis Worldwide
Corporation
|
|
Adjusted Free Cash
Flow Reconciliation
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended December
31,
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(dollars in
millions)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net cash flows provided
by operating activities (GAAP)
|
|
$
690
|
|
$
597
|
|
$
1,563
|
|
$ 1,627
|
|
Capital
expenditures
|
|
(39)
|
|
(42)
|
|
(126)
|
|
(138)
|
|
Free cash flow
(Non-GAAP)
|
|
651
|
|
555
|
|
1,437
|
|
1,489
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
UpLift restructuring
payments
|
|
$
12
|
|
$
12
|
|
$
32
|
|
$
12
|
|
UpLift transformation
payments
|
|
20
|
|
6
|
|
54
|
|
8
|
|
Separation-related
payments 1
|
|
—
|
|
—
|
|
49
|
|
25
|
|
German tax litigation
refund
|
|
(1)
|
|
—
|
|
(1)
|
|
—
|
|
Adjusted free cash flow
(Non-GAAP)
|
|
$
682
|
|
$
573
|
|
$
1,571
|
|
$ 1,534
|
|
|
|
|
|
|
|
|
|
|
1 In April
of 2023 and 2024, respectively, we made payments to RTX Corporation
(our former parent) in accordance with the
Tax Matters Agreement. These annual payments are anticipated to
conclude in 2026.
|
|
Media Contact:
|
Investor Relations
Contact:
|
|
Katy Padgett
|
Rob Quartaro
|
|
+1-860-674-3047
|
+1-860-676-6011
|
|
kathleen.padgett@otis.com
|
investorrelations@otis.com
|
View original
content:https://www.prnewswire.com/news-releases/otis-reports-fourth-quarter-and-full-year-2024-results-302363158.html
SOURCE Otis Worldwide Corporation
