Otis Worldwide Corporation (OTIS) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Otis's first quarter 2026 earnings conference call. This call is being carried live over the internet and recorded for replay. Presentation materials are available for download from Otis's website at www.otis.com. I'll now turn it over to Rob Cortero, Vice President of Investor Relations. Please go ahead. Thank you, Krista. Welcome to Otis' first quarter 2026 earnings conference call. On the call with me today are Judy Marks, Chair, CEO, and President, and Christina Mendez, Executive Vice President and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant non-recurring items. A reconciliation of these measures can be found in the appendix of the webcast. We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. OTIS's SEC filings, including our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results to differ materially. Now, I'd like to turn it over to Judy. Thank you, Rob. Good morning, afternoon, and evening, everyone. Thank you for joining us. We hope everyone listening is safe and well. Starting on slide three. Otis delivered a solid start to the year in orders and sales with continued demand momentum that provides visibility for future growth, especially in our service segment. Total organic sales increased 1% in the quarter, driven by organic service growth of 5%, with broad-based strength across all service lines of business. Maintenance and repair sales increased 4%, driven by an acceleration of organic repair sales, which increased approximately 10%. In modernization, we continue to see strong demand with o...