Greetings, everyone! Welcome to the Otis Worldwide Q2 2024 earnings call for the period ending June 30, 2024. Today, we have some exciting updates that we’d like to share with you regarding the growth and performance of Otis. At Otis, we aim to provide the best service to our customers, colleagues, and shareholders. Throughout the second quarter of 2024, Otis delivered strong results despite the economic challenges, especially in China.
Our service segment continues to be the driving force behind our growth, with organic sales growing by mid-single digits. Overall, our adjusted profit margin expanded by 110 basis points, and our adjusted EPS grew by 15% for the fourth consecutive quarter. Our service portfolio growth was at 4.2%, and our modernization backlog saw a significant increase of 17% in the quarter. Additionally, we successfully generated $353 million in adjusted free cash flow and returned $300 million to shareholders through share repurchases in the quarter.
In terms of our sustainability initiatives, we recently published our 2023 ESG report, outlining our progress towards our 13 ESG goals. Our focus on sustainability includes detailed plans for greenhouse gas emission reduction and occupational health and safety management systems. We are proud to have received the ISO 45001 certification for our factory in Sao Bernardo, Brazil.
Now let’s dive into some of the key highlights from the second quarter. In India, Otis is set to install 12 SkyRise units at the iconic Unity, the Amarilis Versace, located in the heart of Delhi. This luxury development, designed by Versace Home, is one of the tallest residential buildings in Delhi. Otis is also supporting infrastructure projects worldwide, including installations at San Francisco International Airport and metro stations in Germany.
Despite challenges in the New Equipment market, particularly in China, Otis has continued to see growth in its services segment, with strong performances in EMEA and Asia Pacific. We expect the global installed base to grow by mid-single digits in 2024, adding around 1 million units.
Looking ahead to the remainder of 2024, we anticipate continued strength in our service business, with low single-digit growth in the Americas and EMEA and mid-single-digit growth in Asia. Our adjusted operating profit margin is expected to grow by $160 million to $190 million, driven by service volume and productivity.
In conclusion, Otis remains committed to delivering exceptional service, sustainable growth, and value for all stakeholders. We appreciate your continued support and look forward to an exciting future ahead. Thank you for joining us today. #OtisWorldwide #Q22024Earnings #SustainableGrowth #ElevatingExpectations #GreenElevators #ServiceDrivenGrowth #OTISonTheRise.