Nov 5, 4:42 PM ET
Otis Worldwide issued $500 million of 5.825% notes maturing November 5, 2036, with estimated net proceeds of about $495.3 million. The company plans to use the proceeds with cash on hand to repay its 2.293% notes due April 5, 2027, which had $500 million outstanding as of September 30, 2026. This is a routine debt refinancing that replaces near-term maturing debt with longer-dated debt at a higher stated interest rate.
- Notes: $500 million principal, 5.825% annual interest, maturing November 5, 2036; interest payable May 5 and November 5 starting May 5, 2027
- Estimated net proceeds of about $495.3 million, to repay 2.293% notes due April 5, 2027 ($500 million outstanding at September 30, 2026)
- Notes are unsecured and rank equally with existing unsecured debt; make-whole redemption before August 5, 2036; 101% change of control put
Read the filing on SEC.gov ↗
Oct 28, 6:04 AM ET
Otis reported third quarter 2026 net sales of $3.9 billion, up 6%, with Service sales up 8%. GAAP EPS rose 14% to $1.08, but adjusted EPS was flat at $1.05 and adjusted operating profit fell $6 million, as weaker New Equipment profit offset Service gains. The company maintained its full-year 2026 outlook, including adjusted EPS of $4.01 to $4.05.
- Q3 2026 net sales were $3.9 billion, up 6%; Service net sales rose 8% and New Equipment net sales rose 3%
- GAAP EPS was $1.08, up 14% from $0.95; adjusted EPS was $1.05, flat versus the prior year
- Adjusted operating profit was $626 million, down $6 million; New Equipment segment operating profit fell to $42 million from $59 million
- Full-year 2026 outlook maintained: net sales of $15.1 to $15.3 billion and adjusted EPS of $4.01 to $4.05
Read the filing on SEC.gov ↗
Sep 15, 8:16 AM ET
Otis Worldwide said Chair, CEO and President Judith F. Marks will retire, effective on the earlier of her successor starting as CEO, expected in the first half of 2027, or July 31, 2027. A Board succession committee chaired by Christopher J. Kearney is searching internal and external candidates with Spencer Stuart, and the filing reports no financial results or guidance changes.
- Judith F. Marks will resign from the Board on the Transition Date and from all other Company positions.
- Transition Date is the earlier of her successor's start as CEO (expected first half of 2027) or July 31, 2027.
- If the Transition Date falls before July 31, 2027, Marks serves as a non-employee senior advisor through that date with no cash compensation.
- Her equity awards keep vesting during the advisory period, and she remains eligible for her 2026 annual bonus based on actual performance.
Read the filing on SEC.gov ↗
Jul 22, 6:05 AM ET
Otis reported second quarter 2026 net sales of $3.9 billion, up 7%, led by Service growth, while adjusted EPS fell 4% to $1.01 on lower adjusted operating profit. GAAP EPS rose 13% to $1.12, and the company revised its full-year 2026 outlook, which now calls for net sales of $15.1 to $15.3 billion and adjusted EPS of $4.01 to $4.05.
- Q2 net sales $3.859 billion, up 7%; organic sales up 6%; Service net sales up 11%, New Equipment flat
- Adjusted operating profit $587 million, down $25 million; adjusted EPS $1.01, down 4% from $1.05
- GAAP EPS $1.12, up 13% from $0.99, mainly due to absence of prior-year UpLift transformation costs and other non-recurring items
- Revised 2026 outlook: net sales $15.1 to $15.3 billion; adjusted EPS $4.01 to $4.05; adjusted free cash flow $1.50 to $1.55 billion
Read the filing on SEC.gov ↗
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