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Otis Authorizes $2 Billion for Share Repurchase

1. Otis announces $2 billion stock buyback program starting January 2025. 2. Previous buyback program's remaining $100 million authority has been canceled. 3. The timing and amount of buybacks depend on market conditions. 4. Otis operates globally, servicing 2.3 million units and moving 2.3 billion people daily.

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FAQ

Why Bullish?

Share repurchases typically signal confidence in the company's future, likely increasing stock value. Previous buybacks have led to positive price reactions.

How important is it?

The buyback program can influence investor perception and share price significantly. It demonstrates financial strength, which can attract more interest.

Why Short Term?

The immediate buyback announcement can boost investor sentiment and stock price quickly. Similar past announcements have shown short-term positive trends.

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OTISSPYDJIA
, /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) today announced that its Board of Directors has authorized the repurchase of $2 Billion of Common Stock under a share repurchase program, effective January 16, 2025. In conjunction with the new authorization, the Board of Directors cancelled the remaining approximately $100 million authorized under the prior program, approved December 1, 2022. Share repurchases may take place from time to time, subject to market conditions and at the company's discretion, in the open market, through privately negotiated transactions or other means. About OtisOtis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2.3 billion people a day and maintain approximately 2.3 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 71,000 people strong, including 42,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, and Facebook @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. Otis is not obligated to purchase any shares under this authorization and may discontinue share repurchases at any time or periodically without notice. The timing, amount and form of future share repurchases under this authorization, if any, are subject 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, future availability of credit and factors that may affect such availability or costs, levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations, political conditions and geopolitical conflicts 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 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. SOURCE Otis Worldwide Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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