Otis Worldwide Corporation
Q3 2022 Earnings Call
Oct 26, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and thank you for standing by. Welcome to the Otis' third quarter 2022 earnings conference call. [Operator instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Rednor, senior director of investor relations.
Please go ahead, sir.
Michael Rednor -- Senior Director, Investor Relations
Thank you, Norma. Welcome to Otis' third quarter 2022 earnings conference call. On the call with me today are Judy Marks, chair, CEO, and president; and Anurag Maheshwari, executive vice president and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant nonrecurring 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' 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. With that, I'd like to turn the call over to Judy.
Judy Marks -- President and Chief Executive Officer
Thank you, Mike, and thank you, everyone, for joining us. We hope everyone listening is safe and well. Starting with Q3 highlights on Slide 3. Otis delivered a solid third quarter and strong year-to-date results, especially considering the macro headwinds we're facing.
We grew organic sales, expanded margins, and achieved mid-single-digit adjusted EPS growth, all largely driven by strong performance of our resilient service business. By executing our strategy, we continue to set ourselves up for the future. This quarter, we demonstrated that performance through accelerating maintenance portfolio growth, which was up 3.8% in the quarter, growing modernization backlog 7%, and gaining about one point of new equipment share year to date, with share about flat in the quarter. Year to date, the new equipment market was down mid-single digits, driven by China, which was down about 15%.
In the Americas, we are honored to be selected for a modernization project at the iconic space needle in Seattle. Otis installed the original elevator in the early 1960s and has been maintaining the units ever since. We will now modernize the landmarks three elevators, including introducing new technologies such as custom design cabs and Compass 360. In Suzhou, part of the greater Shanghai Metropolitan area, the urban rail network is being expanded once again with the support of Otis.