![Otis Worldwide Corp [OTIS] reports annual net loss of $1.5 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FOTIS.png&w=3840&q=75)
Otis Worldwide Corp [OTIS] reports annual net loss of $1.5 billion
Company Reports Revenue of $14.2 billion
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.
