Otis Worldwide Corp [OTIS] has reported a net loss of $1.5 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $14.2 billion
Based in Farmington, Connecticut, Otis Worldwide Corp operates in the MANUFACTURING sector.
In the consolidated statements of operations for the period ending December 31, 2023, there was an increase in net sales revenue compared to the same period in 2022. The revenue for the current period was $14.209 billion, up from $13.685 billion in the previous year.
Costs and expenses also saw an increase, with operating profit reaching $2.186 billion in 2023, compared to $2.033 billion in 2022. Research and development costs decreased from $150 million to $144 million, while selling, general, and administrative expenses increased to $1.884 billion from $1.763 billion.
Net income for the period was $1.498 billion, showing an improvement from $1.369 billion in the previous year. Earnings per share also saw growth, with basic earnings per share at $3.42 and diluted earnings per share at $3.39 for 2023, compared to $2.98 and $2.96, respectively, in 2022.
In terms of product sales, revenues were down slightly at $5.812 billion in 2023 compared to $5.864 billion in 2022. The cost of products and services sold also decreased from $4.949 billion to $4.843 billion.
For service sales, revenues increased to $8.397 billion in 2023 from $7.821 billion in 2022. The cost of products and services sold in the service segment rose to $5.173 billion from $4.816 billion.
Overall, the financial performance of the company improved in 2023 compared to the previous year, driven by higher net sales revenue and net income, as well as improved earnings per share metrics.
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