Otis Worldwide Corporation Achieves Major Energy Certification
Otis Worldwide Corporation Achieves ISO 50001 Certification
Otis Elevator Korea, a proud subsidiary of Otis Worldwide Corporation (NYSE:OTIS), has recently announced a significant milestone by achieving ISO 50001 certification for its Manufacturing & Engineering Center. This remarkable accomplishment showcases Otis's unwavering commitment to energy efficiency and environmental sustainability.
Commitment to Energy Efficiency
The ISO 50001 certification is proof of compliance with international standards focused on energy management systems, aimed at boosting energy performance while minimizing greenhouse gas emissions. The rigorous certification process involved an extensive review of energy practices across Otis Korea’s facilities. Additionally, new operational manuals were established to align with these standards, ensuring a long-term commitment to energy management improvements.
Team Effort in Sustainability
Byeong-Min Cho from the Operation Business Division expressed pride in the collective efforts of their team to attain this certification. This achievement is a crucial part of Otis's larger environmental, social, and governance (ESG) initiatives, reflecting the company's overarching commitment to creating a sustainable future.
Renewed Commitment with ISO 14001 Certification
Alongside obtaining the ISO 50001 certification, Otis Korea has successfully renewed its ISO 14001 certification, which focuses on environmental management systems. Initially awarded in 2021, this renewal further solidifies Otis’s dedication to effective environmental management. The company aims to certify all its factories by a notable target of 2025, a goal that is rapidly coming to fruition.
Global Leadership in Vertical Transportation
Otis Worldwide Corporation is esteemed for its leadership in the manufacture, installation, and service of elevators and escalators worldwide. The company manages the movement of approximately 2.3 billion individuals daily and oversees nearly 2.3 million customer units globally. With a global workforce of around 71,000, which includes 42,000 field professionals, Otis operates in over 200 countries and territories, showcasing its extensive reach and operational capabilities.
Recent Developments and Financial Performance
In addition to their certification achievements, significant developments are shaping Otis's future. The recent appointment of Cristina Méndez as Executive Vice President and Chief Financial Officer reflects strategic leadership transitions aimed at enhancing the company’s financial performance. The revised compensation package she receives includes an annual base salary of $770,000 and a supplemental long-term incentive plan award valued at approximately $2,390,000.
Strong Financial Results and Projections
Otis reported impressive second-quarter results, highlighted by net sales of $3.6 billion and a declaration of a quarterly dividend of $0.39 per share, indicating sustained financial health. Analysts from Morgan Stanley have initiated coverage on Otis, offering an Equalweight rating, which recognizes the robustness of its service-led business. However, they also noted potential risks within its New Equipment business.
Looking to the Future
With the adjusted full-year earnings per share (EPS) outlook raised to between $3.85 and $3.90, Otis is anticipating about a 10% growth. Further, the company is projected to achieve savings of $175 million by mid-2025 through Project Uplift, aimed at enhancing operational efficiency amidst market challenges.
For the upcoming year, Otis forecasts 2024 sales to range between $14.3 billion and $14.5 billion, alongside organic sales growth of 1% to 3%. Adjusted operating profits are expected to rise by between $135 million and $175 million, reaffirming Otis's resilience in the evolving market landscape.
Frequently Asked Questions
What is ISO 50001 certification?
ISO 50001 certification is an international standard that outlines the requirements for establishing, implementing, and maintaining an energy management system, focusing on improving energy performance and reducing greenhouse gas emissions.
How does Otis contribute to sustainability?
Otis is committed to sustainability through various initiatives, including obtaining ISO certifications, which reflects its dedication to effective environmental management and energy efficiency.
What are the recent financial achievements of Otis?
Otis reported net sales of $3.6 billion in the second quarter and declared a quarterly dividend of $0.39 per share, showcasing its financial stability and strength.
Who has recently been appointed as CFO of Otis?
Cristina Méndez has been appointed as Executive Vice President and Chief Financial Officer of Otis Worldwide Corporation, bringing her expertise to enhance the company's financial strategies.
What future sales growth is Otis projecting?
Otis forecasts 2024 sales to be between $14.3 billion and $14.5 billion, indicating a positive outlook and projecting organic sales growth of 1% to 3%.
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