Otis Worldwide Corp revenue 2023

Otis generated net sales of around 14.21 billion U.S. dollars in 2023. In April 2020, the company was spun off from United Technology Corporation as an independent company named Otis Worldwide Corporation and is the world's largest manufacturer of vertical transportation systems. The reported fiscal year ends on December 31.

A short introduction to Otis Worldwide Corporation

Prior to the invention of the Otis elevator in 1852, elevators were perceived only as a piece of industrial machinery and too dangerous for human transportation. With the invention of the safety elevator by Elisha Otis, Otis Elevator Company started to revolutionize the future of urbanization since 1853. Otis Elevator Company, shortly Otis, became the largest company in the market for vertical transportation systems, such as elevators and escalators. In 1976, the company got acquired by United Technologies Corporation (UTC) and could strengthen its global leadership as an elevator manufacturer. After the merger of UTC with Raytheon in 2020, Otis emerged as an independent company from the UTC group again. After this spun off, the company was renamed from Otis Elevator Company to Otis Worldwide Corporation. During the fiscal year of 2021, the company reported an annual net income of just over 1.4 billion U.S. dollars. One should note that the company has experienced a somewhat declining trend for its operating profit figures between 2009 and 2021.

Elevating the industry

Continuing development of high-rise buildings supports a steady elevator business. Escalators are also an important part of modern infrastructure being utilized in airports and metros which bring in lucrative maintenance contracts. Competition in the industry is driven by growing demand for more technologically advanced systems. Efficiency and smart technology are key research segments companies such as UTC contend in. More reliable products and early warning systems are important in reducing the number of injuries caused on elevators and escalators. Many escalators often fail because of overcapacity but most injuries are not caused by technical malfunction. Common practice on escalators is to stand on one side, letting faster persons walk up the other. However, this puts stress on one side of the escalator and causes premature failure. The London Underground attempted to change practice. Although increasing capacity, it was very unpopular and the idea was not taken further.