Service Segment Performance
The Service segment achieved a 4% organic sales increase, with a 4% growth in the maintenance portfolio and a record operating margin of 24.9%.
Modernization Orders Surge
Modernization orders grew by 22%, with a backlog increase of 16% at constant currency, driven by strong performance in the Americas, China, and Asia Pacific.
Successful Cost Savings Initiatives
Progress with UpLift is on track to achieve $200 million in run rate savings by year-end, and additional actions in China are expected to yield $40 million in savings.
Share Repurchases and Acquisitions
Otis completed $300 million in share repurchases in Q2, totaling $550 million year-to-date, and closed on the acquisition of 8 urban elevator locations in the U.S.
Sustainability Recognition
Otis received several sustainability awards, including recognition from USA Today, Forbes, Newsweek, and TIME magazine for its environmental performance.