April 24 (Reuters) - Elevator and escalator maker Otis

Worldwide Corp ( OTIS ) beat quarterly profit estimates on

Wednesday on higher demand for maintenance and repair services

on its elevators.

The Farmington Connecticut-based company operates globally

through two segments - new equipment which manufactures and

installs passenger and freight elevators, escalators and moving

walkways, and service segment which offers maintenance, repair

and upgradation services.

Its maintenance and repair portfolio grew more than 4%

year-on-year.

"In addition, modernization strength continues, including

another quarter of orders growth above 10%," said CEO Judy

Marks.

On an adjusted basis, Otis reported a first-quarter profit

of 88 cents per share, beating analysts' average expectation of

87 cents per share, according to LSEG data.

Net sales for the quarter increased 2.7% to $3.44 billion

versus the previous year, and were largely in line with

analysts' estimates of $3.45 billion.

The company raised the lower end of its adjusted earnings

forecast and now expects full-year earnings per share to be in

the range of $3.83 to $3.90, compared to the prior forecast

range of $3.80 to $3.90.

Shares of the company were flat in pre-market trading.