July 24 (Reuters) - Elevator maker Otis Worldwide ( OTIS )

lowered its 2024 net sales forecast on Wednesday on

softening demand for its new equipment from North America and

China.

The company expects its full-year net sales to be between

$14.3 billion and $14.5 billion, down from its previous forecast

of $14.5 billion to $14.8 billion.

Sales growth in the United States decreased as inflationary

pressures slowed construction activity, while a slow recovery in

China's property market hurt the company's new equipment segment

that makes and installs elevators, escalators and moving

walkways.

Quarterly net sales for the company's new equipment fell

11.4% to $1.42 billion from a year ago.

However, net sales for its mainstay services segment, which

carries out maintenance, repairs and product upgrades, rose 3%

to $2.18 billion, on steady demand.

Otis' total net sales slipped 3.2% to $3.6 billion in the

second quarter, missing analysts' average estimate of $3.73

billion, according to LSEG data.

The company also raised the lower limit for its annual

adjusted profit to between $3.85 and $3.90 per share, compared

with the earlier range of $3.83 to $3.90.

It reported an adjusted profit of $1.06 per share in the

quarter ended June 30, slightly above expectation of $1.03.