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OTIS REPORTS THIRD QUARTER 2021 RESULTS Delivers strong third quarter results with sales growth and margin expansion in both segments ; improves 2021 outlook 3Q Net sales up 10.8 % ; organic sales up 8.1 % 3Q GAAP EPS up 26.2 % ; adjusted EPS up 11.6 % 3Q New Equipment orders up 3.8 % ; backlog up 4 % , 1 % at constant currency YTD GAAP cash flow from operations of $ 1.5 billion ; free cash flow of $ 1.4 billion , or 141 % of net income Completed $ 725 million in share repurchases year - to - date Announced cash tender offer for the remaining 49.98 % interest in Zardoya Otis Improved outlook * for full - year with organic sales up 8.5 to 9.0 % , adjusted earnings per share of ~ $ 2.95 and free cash flow of ~ $ 1.5 to $ 1.55 billion Key Figures ( $ millions , except per share amounts ) Net sales Organic sales GAAP Operating profit Operating profit margin Net income FARMINGTON , Conn . , October 25 , 2021 Otis Worldwide Corporation ( NYSE : OTIS ) reported third quarter 2021 net sales of $ 3.6 billion with 8.1 % organic growth . GAAP operating profit of $ 542 million was up $ 88 million and margin expanded 110 basis points to 15.0 % . Adjusted operating profit of $ 566 million was up $ 63 million and margin expanded 20 basis points to 15.6 % . GAAP and adjusted diluted earnings per share ( EPS ) of $ 0.77 increased 26.2 % and 11.6 % , respectively . " Otis delivered another strong quarter with sales growth and margin expansion in both segments , a 3 % increase in maintenance portfolio units and the third consecutive quarter of New Equipment orders growth . We also generated robust cash flow enabling us to buy back $ 725 million of shares year - to - date and announced a tender offer to acquire the remaining interest in Zardoya Otis , a decision that will streamline management and create value for shareholders , " said President & CEO Judy Marks . " We continue to advance our strategy , progress on ESG initiatives and achieve strong results , despite the macro environment , reflecting the resiliency of the business and our ability to execute . This gives us the confidence to improve the 2021 outlook and positions us well to build on this momentum in 2022. " 2021 $ 3,620 Quarter Ended September 30 , $ 542 $ 454 15.0 % 13.9 % $ 331 $ 266 Earnings per share $ 0.77 $ 0.61 Adjusted non - GAAP comparison Operating profit $ 566 Operating profit margin Net income Earnings per share 15.6 % $ 333 $ 0.77 2020 $ 3,268 $ 503 15.4 % $ 302 $ 0.69 Y / Y 10.8 % $ 88 110 bps 24.4 % 26.2 % Y / Y ( CFX ) 8.3 % 8.1 % $ 63 $ 20 bps 10.3 % 11.6 % 52 Nine Months Ended September 30 , 2021 2020 Y / Y ( CFX ) $ 10,729 $ 9,263 11.4 % 11.2 % $ 1,612 $ 1,199 15.0 % $ 965 $ 2.23 $ 1,671 15.6 % $ 987 $ 2.28 Exhibit 99 12.9 % $ 655 $ 1.51 $ 1,410 15.2 % $ 808 $ 1.86 Y / Y 15.8 % $ 413 210 bps 47.3 % 47.7 % $ 261 $ 40 bps 22.2 % 22.6 % 189