Otis Worldwide Corp (NYSE:OTIS) reported first-quarter fiscal 2024 sales growth of 2.7% year-over-year to $3.437 billion, missing the consensus of $3.455 billion. Adjusted operating profit increased to $561 million from $518 million, and the margin expanded by 80 bps to 16.3%, led by favorable segment performance and mix. New Equipment sales of $1.28 billion fell 2.1% Y/Y. Operating margin expanded 20 bps to 5.5%. New Equipment orders declined 10% Y/Y at constant currency due to weakness in the Americas and China. The new equipment backlog fell by 2% in the quarter. Service sales increased 5.8% Y/Y to $2.157 billion, and the operating margin expanded 70 ...