In This Story
Otis Worldwide Corporation (OTIS-0.48%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and details the company's operations, which are divided into two segments: New Equipment and Service. The New Equipment segment focuses on the design, manufacture, sale, and installation of elevators and escalators, while the Service segment provides maintenance and modernization services.
Otis reported net sales of $14.3 billion for 2024, a slight increase from $14.2 billion in 2023. The Service segment contributed $8.9 billion to net sales, while the New Equipment segment accounted for $5.4 billion.
Operating profit for the year was $2.0 billion, with the Service segment generating $2.2 billion in operating profit and the New Equipment segment contributing $329 million.
The company disclosed a favorable ruling in a German tax litigation case, resulting in an income tax benefit of approximately $185 million and related interest income of $200 million. This outcome also led to an indemnification expense of $194 million payable to RTX Corporation.
Otis completed the acquisition of all outstanding shares of its subsidiary in Japan for approximately $70 million and continued its share repurchase program, buying back $1.0 billion worth of shares in 2024.
The filing also highlights the UpLift program, aimed at transforming Otis' operating model. The program is expected to generate $200 million in annual run-rate savings by the second half of 2025, with total restructuring and transformation costs estimated at $300 million.
Otis is a leading global provider of elevator and escalator solutions, serving customers in over 200 countries and territories. The company continues to focus on innovation and digital technology initiatives to enhance its product offerings and service capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Otis Worldwide Corporation annual 10-K report dated February 4, 2025. To report an error, please email earnings@qz.com.