The company said Organic volume for the quarter ended June 30, 2024 fell 1.2. New Equipment declined 9.4, and Service rose 5.1%.

1. 01

   The company said Organic volume for the quarter ended June 30, 2024 fell 1.2. New Equipment declined 9.4, and Service rose 5.1%.

2. 02

   The company expects UpLift to generate approximately $175 million in annual savings by mid-2025. It also said restructuring and other incremental costs to complete the transformation, or UpLift transformation costs, over that period will be approximately the same amount. Total UpLift costs incurred to date are $75 million.

3. 03

   Otis Worldwide said net cash provided by operating activities was $479 million for the 6 months ended June 30, 2024, down from $724 million in the same period a year earlier. The company attributed the decline to working capital factors, including a decrease in accounts payable due to the timing of payments to suppliers.

4. 04

   Otis Worldwide said net cash used in financing activities was $679 million for the 6 months ended June 30, 2024. The main outflows were share repurchases of $600 million and common stock dividends of $295 million. Short-term borrowings of $323 million partially offset these outflows.

Key figures

Quarter ended June 30, 2024

Revenue

$3.6B

Operating income

$570M

Net income

$415M

EPS

$1.02

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

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

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