Otis Worldwide Corp. Files 10-Q for Period Ending March 31, 2024
Ticker: OTIS · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 1781335
Sentiment: neutral
Topics: 10-Q, Otis Worldwide Corp, Quarterly Report, Financials, New Equipment
TL;DR
<b>Otis Worldwide Corp. has filed its Q1 2024 10-Q report, detailing financial performance and balance sheet information.</b>
AI Summary
Otis Worldwide Corp (OTIS) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Otis Worldwide Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial statement data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023, are included. The report details common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income. Segment information for 'New Equipment' and 'Services' is referenced for the periods ending December 31, 2023, and March 31, 2024.
Why It Matters
For investors and stakeholders tracking Otis Worldwide Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of Otis Worldwide Corp., crucial for assessing recent operational results and financial health. The detailed segment information for 'New Equipment' and 'Services' allows for a deeper understanding of where the company's revenue is generated and how different business units are performing.
Risk Assessment
Risk Level: low — Otis Worldwide Corp shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or significant events beyond normal business operations.
Analyst Insight
Review the detailed segment performance for 'New Equipment' and 'Services' to understand revenue drivers and growth trends in the first quarter of 2024.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| New Equipment | ||
| Services |
Key Numbers
- 2024-03-31 — Period of Report (10-Q filing)
- 2024-01-01 — Quarter Start Date (Q1 2024)
- 2023-03-31 — Prior Year Q1 End Date (Comparison period)
- 2023-12-31 — Prior Year End Date (Balance sheet comparison)
Key Players & Entities
- Otis Worldwide Corp. (company) — Filer name
- 2024-03-31 (date) — Period of report
- 2024-04-25 (date) — Filing date
- FARMINGTON (location) — Business address city
- CT (location) — Business address state
- DE (location) — State of incorporation
FAQ
When did Otis Worldwide Corp file this 10-Q?
Otis Worldwide Corp filed this Quarterly Report (10-Q) with the SEC on April 25, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Otis Worldwide Corp (OTIS).
Where can I read the original 10-Q filing from Otis Worldwide Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Otis Worldwide Corp.
What are the key takeaways from Otis Worldwide Corp's 10-Q?
Otis Worldwide Corp filed this 10-Q on April 25, 2024. Key takeaways: Otis Worldwide Corp. filed its 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of fiscal year 2024.. Key financial statement data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023, are included..
Is Otis Worldwide Corp a risky investment based on this filing?
Based on this 10-Q, Otis Worldwide Corp presents a relatively low-risk profile. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not indicate any unusual or significant events beyond normal business operations.
What should investors do after reading Otis Worldwide Corp's 10-Q?
Review the detailed segment performance for 'New Equipment' and 'Services' to understand revenue drivers and growth trends in the first quarter of 2024. The overall sentiment from this filing is neutral.
How does Otis Worldwide Corp compare to its industry peers?
Otis Worldwide Corp. operates in the building systems industry, primarily focusing on elevators and escalators.
Are there regulatory concerns for Otis Worldwide Corp?
The filing is a standard quarterly report (10-Q) submitted to the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.
Industry Context
Otis Worldwide Corp. operates in the building systems industry, primarily focusing on elevators and escalators.
Regulatory Implications
The filing is a standard quarterly report (10-Q) submitted to the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.
What Investors Should Do
- Analyze the revenue and profitability of the 'New Equipment' and 'Services' segments for Q1 2024.
- Compare key balance sheet items (e.g., retained earnings, treasury stock) between Q1 2024 and Q1 2023.
- Review any disclosures related to debt or equity changes within the filing.
Key Dates
- 2024-03-31: Quarter End Date — Reporting period for the 10-Q
- 2024-04-25: Filing Date — Date the 10-Q was submitted to the SEC
Year-Over-Year Comparison
This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.
Filing Stats: 4,837 words · 19 min read · ~16 pages · Grade level 14.6 · Accepted 2024-04-25 16:11:43
Key Financial Figures
- $0.01 — nge on which registered Common Stock ($0.01 par value) OTIS New York Stock Exchange
Filing Documents
- otis-20240331.htm (10-Q) — 1503KB
- exhibit1012024-03x3110xq.htm (EX-10.1) — 130KB
- exhibit1022024-03x3110xq.htm (EX-10.2) — 42KB
- exhibit1032024-03x3110xq.htm (EX-10.3) — 164KB
- exhibit1042024-03x3110xq.htm (EX-10.4) — 177KB
- exhibit1052024-03x3110xq.htm (EX-10.5) — 149KB
- exhibit152024-03x3110xq.htm (EX-15) — 3KB
- exhibit3112024-03x3110xq.htm (EX-31.1) — 10KB
- exhibit3122024-03x3110xq.htm (EX-31.2) — 10KB
- exhibit3132024-03x3110xq.htm (EX-31.3) — 11KB
- exhibit322024-03x3110xq.htm (EX-32) — 9KB
- otis-20240331_g1.jpg (GRAPHIC) — 4KB
- 0001781335-24-000022.txt ( ) — 8360KB
- otis-20240331.xsd (EX-101.SCH) — 50KB
- otis-20240331_cal.xml (EX-101.CAL) — 74KB
- otis-20240331_def.xml (EX-101.DEF) — 249KB
- otis-20240331_lab.xml (EX-101.LAB) — 539KB
- otis-20240331_pre.xml (EX-101.PRE) — 398KB
- otis-20240331_htm.xml (XML) — 1189KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 4
Financial Statements
Item 1. Financial Statements: 4 Condensed Consolidated Statements of Operations for the quarters ended March 3 1 , 202 4 and 20 23 4 Condensed Consolidated Statements of Comprehensive Income for the quarters ended March 3 1 , 202 4 and 20 23 5 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 20 23 6 Condensed Consolidated Statements of Changes in Equity for the quarters ended March 3 1 , 202 4 and 20 23 7 Condensed Consolidated Statements of Cash Flows for the quarters ended March 3 1 , 202 4 and 20 23 8 Notes to Condensed Consolidated Financial Statements 9 Report of Independent Registered Public Accounting Firm 26
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 41
Controls and Procedures
Item 4. Controls and Procedures 41
– OTHER INFORMATION
PART II – OTHER INFORMATION 44
Legal Proceedings
Item 1. Legal Proceedings 44
Risk Factors
Item 1A. Risk Factors 44
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44
Other Information
Item 5. Other Information 44
Exhibits
Item 6. Exhibits 45
SIGNATURES
SIGNATURES 46 Otis Worldwide Corporation's and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or tradenames of Otis Worldwide Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and service designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. As used herein, the terms "we," "us," "our," "the Company" or "Otis," unless the context otherwise requires, mean Otis Worldwide Corporation and its subsidiaries. References to Internet websites in this Form 10-Q are provided for convenience only. Information available through these websites is not incorporated by reference into this Form 10-Q. 3 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements OTIS WORLDWIDE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Quarter Ended March 31, (dollars in millions, except per share amounts; shares in millions) 2024 2023 Net sales: Product sales $ 1,280 $ 1,307 Service sales 2,157 2,039 3,437 3,346 Costs and expenses: Cost of products sold 1,067 1,098 Cost of services sold 1,342 1,252 Research and development 36 35 Selling, general and administrative 462 455 2,907 2,840 Other income (expense), net 14 7 Operating profit 544 513 Non-service pension cost (benefit) — — Interest expense (income), net 44 33 Net income before income taxes 500 480 Income tax expense 126 128 Net income 374 352 Less: Noncontrolling interest in subsidiaries' earnings 21 21 Net income attributable to Otis Worldwide Corporation $ 353 $ 331 Earnings per share (Note 2): Basic $ 0.87 $ 0.80 Diluted $ 0.86 $ 0.79 Weighted average number of shares outstanding: Basic shares 405.2 414.3 Diluted shares 408.1 417.8 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents OTIS WORLDWIDE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Quarter Ended March 31, (dollars in millions) 2024 2023 Net income $ 374 $ 352 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 25 ) ( 34 ) Pension and postretirement benefit plan adjustments 9 — Change in unrealized cash flow hedging 3 3 Other comprehensive income (loss), net of tax ( 13 ) ( 31 ) Comprehensive income (loss), net of tax 361 321 Less: Comprehensive (income) loss attributable to noncontrolling interest ( 14 ) ( 24 ) Comprehensive income attributable to Otis Worldwide Corporation $ 347 $ 297 See accompanying Notes to Condensed Consolidated Financial Statements. 5 Table of Contents OTIS WORLDWIDE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (dollars in millions) March 31, 20