Otis Reports Strong 4Q And Full-Year 2021 Results

Despite what CEO Judy Marks described as “ongoing macro challenges,” Otis Worldwide Corp. reported in its fourth quarter and full-year 2021 results broad and consistent sales growth, with the OEM’s maintenance portfolio achieving its highest growth rate in a decade and new-equipment sales gaining share for the second consecutive year. Full-year 2021 net sales were US$14.3 billion with 8.9% organic growth, while fourth-quarter new-equipment sales increased 2.2% to US$3.6 billion, with a 2.8% increase in organic sales (1.2% in new equipment and 4% in service). For the full year, earnings per share increased nearly 39% to US$2.89. “Additionally, our continued robust cash flow generation enabled us to strategically deploy capital to create long-term value for stakeholders,” Marks said. “We are confident this momentum will continue in 2022 and beyond, positioning us to deliver on our financial commitments and advance ESG (environmental, social and governance) priorities.”