FARMINGTON, Conn., May 6, 2020 /PRNewswire/ -- Otis Worldwide
Corporation (NYSE: OTIS) Board of Directors today declared a
quarterly dividend of $0.20 per share of Otis' common stock.
The dividend will be payable on June 10, 2020, to
shareholders of record at the close of business on May 22,
2020.
"The dividend announced today reflects our confidence in Otis'
balance sheet strength, continued strong free cash flow generation
and a commitment to drive value for our shareholders," said
Judy Marks, President and CEO.
About Otis
Otis is the world's leading elevator and escalator
manufacturing, installation and service company. We move 2 billion
people a day and maintain more than 2 million customer units
worldwide, the industry's largest maintenance portfolio.
Headquartered in Connecticut, USA, Otis is 69,000 people strong, including
40,000 field professionals, all committed to meeting the diverse
needs of our customers and passengers in more than 200 countries
and territories worldwide. For more
information, visit www.otis.com and follow us on
LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.
Cautionary Statement
This release includes statements related to anticipated
earnings, cash flow and dividends that constitute "forward-looking
statements" under the securities laws. All forward-looking
statements involve risks, uncertainties and assumptions that may
cause actual results to differ materially from those expressed or
implied in the forward-looking statements. Past dividends provide
no assurance as to future dividends. The payment and amount of
future dividends could vary significantly from past amounts due to
a number of risks and uncertainties. Risks and uncertainties
include: (1) the effect of economic conditions in the industries
and markets in which Otis and its businesses operate in the U.S.
and globally and any changes therein, including financial market
conditions, fluctuations in commodity prices, interest rates and
foreign currency exchange rates, levels of end market demand in
construction, the impact of weather conditions, pandemic health
issues (including coronavirus and its effects, among other things,
on global supply, demand, and distribution disruptions as the
coronavirus outbreak continues and results in an increasingly
prolonged period of travel, commercial and/or other similar
restrictions and limitations) and the financial condition of Otis'
customers and suppliers; (2) the expected benefits of Otis'
separation from United Technologies Corporation; (3) risks
associated with indebtedness incurred as a result of financing
transactions undertaken in connection with the separation; (4) the
risk that dis-synergy costs, costs of restructuring transactions
and other costs incurred in connection with the separation will
exceed Otis' estimates; (5) the impact of the separation on Otis'
businesses and Otis' resources, systems, procedures and controls,
diversion of management's attention and the impact on relationships
with customers, suppliers, employees and other business
counterparties; (6) challenges in the development and production of
new products and services; and (7) the effect of changes in
laws and regulations and political conditions in countries in which
we operate and other factors beyond our control. The above list of
factors is not exhaustive or necessarily in order of importance.
For additional information on identifying factors that may cause
actual results to vary from those stated in forward-looking
statements, see Otis' registration statements on Form 10 and Form
S-3 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with
or furnished to the SEC from time to time. Any forward-looking
statement speaks only as of the date on which it is made, and Otis
assumes no obligation to update or revise such statement, whether
as a result of new information, future events or otherwise, except
as required by applicable law.
Media
Contact:
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Ray
Hernandez
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+1-860-674-3029
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Ray.Hernandez@otis.com
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IR
Contact:
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Stacy
Laszewski
|
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+1-860-676-6011
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investorrelations@otis.com
|
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SOURCE Otis Worldwide Corporation