Dave Regnery
Chair and Chief Executive Officer at Trane Technologies
Thanks, Zac and everyone, for joining us on today's call. I'd like to begin with a few comments on our purpose to boldly challenge what's possible for a sustainable world. Our purpose is at the heart of our strategy, which is aligned to powerful megatrends like energy efficiency, decarbonization and digital transformation.
Coming off the hottest summer on record, we see policies aimed at decarbonizing the built environment continuing to expand. We see growing sustainability commitments for our customers, our suppliers and for our investors. We see corporations not only setting goals, but taking action. We are their partner of choice. And we have the technology to help bend the curve on climate change. And that's exactly what we're doing. We are scaling today's technology and relentlessly innovating for tomorrow to meet our customers' needs to dramatically reduce emissions. This enables us to consistently outgrow our end-markets and deliver differentiated financial results and results is long-term value creation for our customers, our shareholders, our employees and for the planet.
Moving to Slide number 4. Our global team performed extremely well in the third quarter, setting us up for a strong 2023, and positioning us well for 2024. We delivered strong organic growth of 9% and leveraged throughout the P&L, resulting in adjusted EPS growth of 23% and powerful free cash flow. We continue to see very strong customer demand for our products and services with the enterprise bookings at an all-time high of nearly $5 billion in the quarter.
Bookings were exceptionally strong in our commercial HVAC businesses globally with organic bookings growth of low-to-mid teens in all segments. Our Americas Commercial HVAC business was once again a standout with organic bookings up mid-teens in the quarter, and up approximately 65% on a three-year stack.
Enterprise backlog ended the quarter at $6.9 billion with the composition shifting increasingly towards commercial HVAC. Year-to-date backlog in commercial HVAC is up approximately $800 million. Over the past three years, our commercial HVAC backlog has nearly tripled, up approximately 170%. As residential and Thermo King have normalized, the backlog burn in these businesses has been completely offset by growth in commercial HVAC backlog, including a large percentage of long-cycle applied systems.
We continue to drive strong demand and a healthy pipeline of projects in key growth verticals across our commercial HVAC businesses. We're leveraging the power of our direct sales force, which brings specific expertise on how to customize solutions and leverage policy, programs and incentives to optimize customers' paybacks, total cost of ownership and performance. Our leading innovation and unique direct go-to-market strategy enables us to quickly pivot and win in the highest-growth verticals as markets evolve.
We have a resilient and diverse portfolio, and our business operating system is designed to deliver consistent top-quartile performance. As our residential business has normalized and transport markets have softened, our overall business has delivered strong results and is on track to deliver high-single digit organic revenue growth and 20%-plus adjusted EPS growth for the year, our third consecutive year of 20% or higher adjusted EPS growth.
We're on pace to deliver free cash flow equal to or greater than 100% of net earnings and continue to execute our balanced capital allocation strategy with high levels of business reinvestment, a strong and growing dividend, strategic bolt-on M&A and share repurchases. Our strong execution, robust bookings and revenue growth and exceptional backlog gives us confidence in raising our 2023 guidance and confidence in our ability to deliver strong performance in 2024 as well.
Please go to Slide number 5. Demand for our innovative products and services continues to be broad-based across our segments, highlighting the strength of our global portfolio. Organic bookings were up 8%, led by our commercial HVAC businesses. In the Americas Commercial HVAC was very strong across the board. We discussed bookings strength on the prior slide, but revenues were exceptional as well, up in the low-20% range, with equipment up approximately 30% and services up low-teens.
Our residential business continues to normalize, as expected, with revenues up low-single digits. Consistent with our prior comments, the nature of our transport refrigeration business is lumpy and our performance in Q3 was in line with our expectations on both bookings and revenues. Revenues were a bit lower than our guidance of down 10%, driven by the timing of customer deliveries between Q2 and Q3. But remained strong against a tough 60% prior year growth comp. On a two-year stack, revenues were up more than 40% in the quarter.
Americas backlog is approximately 3 times historical norms, with the largest component being commercial HVAC applied systems for 2024 and beyond. Applied systems are the most complex and innovative systems and the largest driver of our service business in commercial HVAC.
Our EMEA business was right on track with our expectations. Bookings were strong in both businesses, both up low-teens. Commercial HVAC revenues were robust with mid-single digit growth on tough prior year comps. TK EMEA revenues were up versus a down-market. Backlog remains strong, approximately 60% higher than historical norms and predominantly commercial HVAC.
Our Asia Pacific business performed well with strong bookings growth in China and the rest of Asia. Asia revenues were slightly lower against a tough prior year comp of nearly 30% growth. Our outlook for the region continues to be positive. The verticals we play and remain strong with good opportunities for future growth. Asia segment backlog continues to be robust as we approach 2024, approximately 70% above historical norms and predominantly commercial HVAC.
Now, I'd like to turn the call over to Chris. Chris?
