Sector: Industrials|Industry: Specialty Industrial Machinery|Market Cap: $37.49B|Employees: 71K
Otis is the world's leading elevator and escalator manufacturing, installation, and service company. They serve customers in over 200 countries and territories, with a global scale and local focus. Otis's core business model is split into two segments: New Equipment and Service, with international operations representing approximately 72% of net sales. They have a strong market position due to their iconic brand, reputation, and proven track record in executing complex solutions.
Total revenue increased by 2.7% year-over-year, reaching $3.437 billion. This growth was primarily driven by a 5.8% increase in service sales, while product sales decreased by 2.1%.
Gross margin percentage was 29.9% for the quarter, compared to 29.8% in the same period last year, indicating stable profitability despite revenue mix changes.
Net income attributable to Otis Worldwide Corporation increased to $353 million, up from $331 million in the same quarter last year. This was driven by higher operating profit and a lower effective tax rate.