Richard J. Tobin
President & Chief Executive Officer at Dover
Okay. I'm on Slide 8. I'll be brief on this slide since we've been discussing the linkages between bookings, backlog and revenue and expected trajectory of these metrics for nearly two years. First, I'll remind everyone that in 2021, bookings of $9.4 billion, driven by post-COVID demand surge as well as constrained supply chains that required customers to order in advance were roughly 20% higher than our revenue that year, resulting in an unprecedented backlog that requires time to ship and unwind while bookings normalize. Importantly, concerns about double ordering and cancellations did not materialize and we have been depleting the backlog in an orderly fashion as product lead times improved. If we smooth out the post-pandemic surge in bookings, our bookings CAGR has been 4% from 2019 to 2022.
Let's go to Slide 9. Here, we show the growth in margin outlook by segment for 2023 that underpin our guidance. We expect Engineered Products to remain solid. Pent-up demand and automation initiatives in waste hauling support a robust outlook. Despite high demand, our refuse collection vehicles shipments in 2022 is still has not recovered to pre-pandemic levels due to chassis availability. After an excellent shipment [Phonetic] performance in vehicles services group in Q4, we expect a slower start in 2023. And Engineered Products is forecast to improve margins in 2023 on solid volumes, benefits from our recent productivity capital investments taking a hold and positive price cost tailwinds.
Clean Energy & Fueling is expected to grow single digits organically, which we expect to be second half weighted due to subdued demand for dispensers entering into the year. Dispenser bookings beginning to normalize, we expect Q1 to be the trough for the business with gradual recovery through the remainder of the year. All other businesses in the segment are positioned well for growth in 2023 with particular strength in our clean energy components. For the year, we expect margin improvements in Clean Energy & Fueling and volume recovery, improved mix and recently enacted restructuring actions in above ground fueling.
Imaging & ID is expected to continue its trajectory steady, GDP growth and [Phonetic] attractive margins. We see robust demand for new printers and components and consumables and professional services. The outlook for the both serialization and brand potential software is also strong. Margins in this business are robust, and we expect them to remain as such in 2023.
We project flat organic growth in Pumps & Process Solutions. Our industrial pumps and plastics and polymers precision components and thermal connector businesses are all positioned for solid growth. The biopharma components business is expected to hit its bottom in volume and margin in the first quarter as customers work through and repurpose excess inventory. We are beginning to see encouraging signs of bookings for our biopharma connectors and our full-year forecast may prove to be conservative. The long-term tailwinds of single-use components or biological drug manufacturing remain compelling. And importantly, our products are specified for regulated manufacturing of therapies with attractive growth outlook, and we continue to win new specifications in an active pipeline of new biologics and cell and gene therapies.
Margin performance is expected to be roughly flat in the year with a sequentially lower level in the first and second quarters on unfavorable product mix from slower biopharma and geographic mix from higher sales in China for plastics and polymers. Growth outlook for climate and sustainability technologies remain solid as our businesses continue to ship against strong backlog levels. We are forecasting continued double-digit growth in both natural refrigerant systems and heat changes for heat pumps. Our beverage can making business is booked well into 2023. We expect continued margin improvement in 2023 on volume conversion, productivity gains and mix.
Move on to Slide 10. Here, we show our recent performance against our capital allocation priorities. Our priority is to reinvest in our business, which represents the highest return on investment. 2022 represented a recent record for CapEx with numerous capacity expansions and productivity investments completed. We will continue our efforts to add attractive bolt-on acquisitions to improve our portfolio by entering new markets with secular growth. We invested $325 million into five highly attractive acquisitions in 2022. We're carrying significant firepower in a compelling M&A pipeline into 2023. Finally, as we did in 2022, we will return excess liquidity to our shareholders through increased dividends and opportunistic share repurchases.
Let's move on to Slide 11 for the wrap up. Before we get into our full-year guidance, I'll make a few comments on our view of the macro environment and how we believe the year may develop. First and foremost, we hope that the Fed is cautious going forward from here. We support the efforts to tackle inflation, which have had a large hand in causing, but we are in the camp that believes that the Fed has gone far enough and the lagged effect of further actions can be problematic to economic growth. Market participants are likely to be cautious with the timing of the demand-generating decisions as there is a recognition that manufacturing lead times and logistics constraints have been largely repaired. And as such, we expect first quarter demand to reflect this cautious stance. We expect seasonality to the year to be weighted towards quarters two and three in revenue and earnings and weighted to H1 for cash flow as our balance sheet reflects liquidation of inventory and receivables from 2022.
Despite the uncertain macro, our goals remain ambitious. We will push hard to win our share of demand. We have done a lot of work to improve the performance of our products, and we believe we will have the right to win. We have proactively expanded capacity to meet projected demand in areas of the portfolio with significant secular growth opportunities.
So, now let me put our guide in EPS performance for the longer-term perspective. Our objective is to deliver double-digit through cycle EPS growth for our investors through a balanced mix of healthy revenue growth, margin accretion and value-creating capital deployment. We have been delivering on that equipment, not that [Phonetic] commitment, and we will drive -- we'll continue to drive to continue to do so. I want to thank our customers for trusting Dover businesses to deliver on their important needs, and I'm grateful that Dover teams across the world for continuing to serve our customers and execute well despite various challenges along the road. That completes the comments.
So, Jack, let's go to questions.
