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Otis Worldwide Hikes Dividend by 20% After Strong Q1 Results

Otis Worldwide Corporation (OTIS) is the world’s leading elevator and escalator manufacturing, installation and service business with customers in over 200 countries and territories worldwide.

The company generated 42% of net sales and 16% of operating profit from new equipment and 58% of net sales and 84% of operating profit from service in 2020. In terms of geographic diversification, the company generated 27% of its revenue from the United States, 17% from China and the remainder from other countries around the world.

Strong First-Quarter Earnings

Otis Worldwide recently reported revenue that rose by 14.8% to $3.41 billion, beating consensus estimates by $250 million, along with non-GAAP earnings of 72 cents per share, beating consensus estimates by nine cents. Looking ahead, management anticipates FY 2021 net sales of $13.6 to13.9 billion on adjusted earnings of $2.78/2.84 per share.

Analysts have been largely bullish on the stock in anticipation of the coming years. For instance, HSBC recently upgraded the stock to hold, citing digitization efforts that should help improve operational performance given its large installed base and a higher share of the service business.

The company raised its quarterly dividend by 20% to $0.24 per share, which represents a 1.35% forward yield. The dividend is payable on June 10, 2021, to shareholders on record as of May 21, 2021.

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