Otis Worldwide Corp Files Q2 2024 10-Q
Ticker: OTIS · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1781335
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Otis Q2 10-Q is in! Check financials for H1 2024 vs 2023.
AI Summary
Otis Worldwide Corp filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial data and operational segments are detailed, including product and service revenues for the periods ending June 30, 2024, and June 30, 2023.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Otis Worldwide Corp, crucial for understanding the company's trajectory in the elevator and escalator market.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of fiscal year 2024)
- 2024-06-30 — Period End Date (End of the second quarter and first half of fiscal year 2024)
- 2023-06-30 — Prior Year Period End Date (End of the second quarter and first half of fiscal year 2023 for comparison)
Key Players & Entities
- Otis Worldwide Corp (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240725 (date) — Filing date
FAQ
What were the product revenues for the second quarter of 2024?
Product revenues for the quarter ended June 30, 2024, are detailed in the filing, with comparative data for the same period in 2023.
What were the service revenues for the first half of 2024?
Service revenues for the six months ended June 30, 2024, are presented in the filing, alongside figures for the corresponding period in 2023.
What is the fiscal year end for Otis Worldwide Corp?
The fiscal year end for Otis Worldwide Corp is December 31.
When was this 10-Q filing submitted?
This 10-Q filing was submitted on July 25, 2024.
What is the primary business of Otis Worldwide Corp?
Otis Worldwide Corp is in the business of Electronic & Other Electrical Equipment, specifically related to elevators and escalators, as indicated by its SIC code.
Filing Stats: 4,999 words · 20 min read · ~17 pages · Grade level 15.3 · Accepted 2024-07-25 16:10:22
Key Financial Figures
- $0.01 — nge on which registered Common Stock ($0.01 par value) OTIS New York Stock Exchange
Filing Documents
- otis-20240630.htm (10-Q) — 1984KB
- exhibit1012024-06x3010xq.htm (EX-10.1) — 60KB
- exhibit1022024-06x3010xq.htm (EX-10.2) — 53KB
- exhibit152024-06x3010xq.htm (EX-15) — 3KB
- exhibit3112024-06x3010xq.htm (EX-31.1) — 10KB
- exhibit3122024-06x3010xq.htm (EX-31.2) — 10KB
- exhibit3132024-06x3010xq.htm (EX-31.3) — 11KB
- exhibit322024-06x3010xq.htm (EX-32) — 9KB
- otis-20240630_g1.jpg (GRAPHIC) — 4KB
- 0001781335-24-000039.txt ( ) — 8832KB
- otis-20240630.xsd (EX-101.SCH) — 49KB
- otis-20240630_cal.xml (EX-101.CAL) — 74KB
- otis-20240630_def.xml (EX-101.DEF) — 244KB
- otis-20240630_lab.xml (EX-101.LAB) — 530KB
- otis-20240630_pre.xml (EX-101.PRE) — 392KB
- otis-20240630_htm.xml (XML) — 1517KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 4
Financial Statements
Item 1. Financial Statements: 4 Condensed Consolidated Statements of Operations for the quarters ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the quarters and six months ended June 30, 2024 and 2023 6 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Changes in Equity for the quarters ended June 30, 2024 and 2023 8 Condensed Consolidated Statements of Changes in Equity for the six months ended June 30, 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 11 Report of Independent Registered Public Accounting Firm 29
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 30
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 44
Controls and Procedures
Item 4. Controls and Procedures 44
– OTHER INFORMATION
PART II – OTHER INFORMATION 47
Legal Proceedings
Item 1. Legal Proceedings 47
Risk Factors
Item 1A. Risk Factors 47
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47
Other Information
Item 5. Other Information 47
Exhibits
Item 6. Exhibits 49
SIGNATURES
SIGNATURES 50 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 June 30, (dollars in millions, except per share amounts; shares in millions) 2024 2023 Net sales: Product sales $ 1,421 $ 1,604 Service sales 2,180 2,116 3,601 3,720 Costs and expenses: Cost of products sold 1,168 1,328 Cost of services sold 1,354 1,309 Research and development 39 36 Selling, general and administrative 449 479 3,010 3,152 Other income (expense), net ( 21 ) 12 Operating profit 570 580 Non-service pension cost (benefit) ( 1 ) 1 Interest expense (income), net 27 37 Net income before income taxes 544 542 Income tax expense 94 135 Net income 450 407 Less: Noncontrolling interest in subsidiaries' earnings 35 31 Net income attributable to Otis Worldwide Corporation $ 415 $ 376 Earnings per share (Note 2): Basic $ 1.03 $ 0.91 Diluted $ 1.02 $ 0.90 Weighted average number of shares outstanding: Basic shares 402.9 412.7 Diluted shares 405.5 416.0 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents OTIS WORLDWIDE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Six Months Ended June 30, (dollars in millions, except per share amounts; shares in millions) 2024 2023 Net sales: Product sales $ 2,701 $ 2,911 Service sales 4,337 4,155 7,038 7,066 Costs and expenses: Cost of products sold 2,235 2,426 Cost of services sold 2,696 2,561 Research and development 75 71 Selling, general and administrative 911 934 5,917 5,992 Other income (expense), net ( 7 ) 19 Operating profit 1,114 1,093 Non-service pension cost (benefit) ( 1 ) 1 Interest expense (income), net 71 70 Net income before income taxes 1,044 1,022 Income tax expense 220 263 Net income 824 759 Less: Noncontrolling interest in subsidiaries' earnings 56 52 Net income attributable to Otis Worldwide Corporation $ 768 $ 707 Earnings per share (Note 2): Basic