The company said organic volume rose 5.6% in 2023, reflecting an organic sales increase of 7.7% in Service and 2.6% in New Equipment.

10-KAnnual reportFiled Feb 2, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said organic volume rose 5.6% in 2023, reflecting an organic sales increase of 7.7% in Service and 2.6% in New Equipment.
Otis Worldwide said its gross margin percentage rose 90 basis points in 2023 compared with 2022. It cited favorable pricing, Service sales growing faster than New Equipment sales, lower commodity prices and productivity as the drivers.
The company said UpLift restructuring action costs were $25 million and UpLift transformation costs were $16 million in 2023. It also said it expects UpLift to generate annual savings of about $150 million by the middle of 2025.
Otis said net cash provided by operating activities was $1.6 billion in 2023. In financing activities, it spent $800 million on share repurchases and $539 million on common stock dividends.

Key figures

Fiscal year ended December 31, 2023

Revenue: $14.2B
Operating income: $2.2B
Net income: $1.4B
EPS: $3.39
Operating cash flow: $1.6B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Organic volume up 5.6% and organic sales by segment

The company said organic volume rose 5.6% in 2023, reflecting an organic sales increase of 7.7% in Service and 2.6% in New Equipment.

Source · Based on the MD&A text of the filing

Gross margin up 90 basis points

Otis Worldwide said its gross margin percentage rose 90 basis points in 2023 compared with 2022. It cited favorable pricing, Service sales growing faster than New Equipment sales, lower commodity prices and productivity as the drivers.

Source · Based on the MD&A text of the filing

UpLift program costs and annual savings target

The company said UpLift restructuring action costs were $25 million and UpLift transformation costs were $16 million in 2023. It also said it expects UpLift to generate annual savings of about $150 million by the middle of 2025.

Source · Based on the MD&A text of the filing

2023 operating cash flow and uses of funds

Otis said net cash provided by operating activities was $1.6 billion in 2023. In financing activities, it spent $800 million on share repurchases and $539 million on common stock dividends.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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