Business Description

Otis Worldwide Corporation is involved in the installation, manufacturing, and provision of escalator service. Elisha Graves Ottis founded the company in 1853. It is located in Farmington, CT. It is divided into the Service segment and New Equipment.

The Service segment provides maintenance and repair services as well as modernization services for the elevators and escalators. The New Equipment segment designs and manufactures passenger and freight elevators. The company also has subsidiaries such as Electra lift or Nouvelle Societe d’Ascenseurs.

Key Financials

Revenue (US$ Mn):

• US$ 14,298 Mn was Otis Worldwide Corporation’s annual revenue in 2021, a 12.09% increase from 2020 figures
• Otis Worldwide Corporation indexed a -2.76% decrease in annual revenues from 2019, amounting to US$ 12,756 Mn in 2020
• Otis Worldwide Corporation generated total revenue of US$ 13,118 Mn in 2019
• Annual revenue of US$ 12,915 Mn was indexed by Otis Worldwide Corporation in 2018

Operating Income(US$ Mn):

• US$ 1,578 Mn was the operating income generated by Otis Worldwide Corporation in 2021
• Otis Worldwide Corporation’s operating income for 2020 was US$ 1,639 Mn, a -9.65% decrease from 2019
• From 2018’s operating incomes, Otis Worldwide Corporation registered a -1.14% decrease in 2019, amounting to US$ 1,814 Mn
• An operating income of US$ 1,835 Mn was generated in 2018 by Otis Worldwide Corporation

Net Income(US$ Mn):

• Otis Worldwide Corporation’s net income for 2021 was US$ 1,246 Mn, a 17.99% increase from 2020
• The net income generated by Otis Worldwide Corporation in 2020 was US$ 1,056 Mn
• At a 4.71% increase, Otis Worldwide Corporation’s net income of US$ 1,267 Mn was indexed in 2019
• Otis Worldwide Corporation generated a net income of US$ 1,210 Mn in 2018

Operating Margin % :

• 12% was Otis Worldwide Corporation’s operating margin in 2021, a -6.25% decrease from 2020 figures
• Otis Worldwide Corporation indexed a -7.25% decrease in operating margins from 2019, amounting to 13% in 2020
• Otis Worldwide Corporation generated an operating margin of 14% in 2019
• An operating margin of 14% was indexed by Microsoft Corporation in 2018

Gross Margin % :

• 9% was the gross margin generated by Otis Worldwide Corporation in 2021
• Otis Worldwide Corporation’s gross margin for 2020 was 8%, a -14.58% decrease from 2019
• From 2018’s gross margins, Otis Worldwide Corporation registered a 3.23% increase in 2019, amounting to 10%
• A gross margin of 9% was generated in 2018 by Otis Worldwide Corporation

SWOT Analysis

Strengths

Established Position

Strong market positions are a testament to the company’s exceptional performance in certain areas and help it win new business. The company has manufacturing facilities in over 200 countries. It has strong manufacturing capabilities, which allow it to keep up with the increasing demand for its products.

This allows the company to manage its entire supply chain and achieve operational cost efficiencies. Otis has 1,400 branches and offices. It also has 18 manufacturing facilities, 11 research and development centers, and 33,000 Service mechanics.

These are spread across four continents. They produce and distribute people moving products. It has a global network of test towers and research and engineering facilities.

Proprietary Product – Otis Integrated Dispatch

The company’s broad product range allows it to provide a wide range of services and increase its business. Robot services are provided by the company to enhance customer experience, provide safe solutions and improve manufacturing. Otis Integrated Dispatch’s robot services are based on a cloud-based API solution to integrate Service Robots with Elevators.

This provides many benefits and features to make it easy and efficient for customers. It offers many advantages, including fast installation, high productivity, optimization of entry and exit, stronger connectivity, fully-automated monitoring, and strong connectivity.

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