Dave Regnery
Chair and Chief Executive Officer at Trane Technologies
Thanks, Zac, and thanks, everyone, for joining today's call. As we begin, I'd like to spend a few minutes on our purpose-driven strategy, which drives our engaging, uplifting culture and enables our differentiated financial results over time. Our purpose is centered on creating a more sustainable world and our strategy is aligned to powerful megatrends like energy efficiency, decarbonization, and digital transformation.
Customer demand continues to increase as the need to address climate change becomes more urgent. We need creative solutions and game-changing innovation to bend the curve on global warming, and that's where Trane Technologies leads. Our relentless innovation, proven business operating system, and high-performing culture enables us to consistently deliver a leading growth profile, strong margins, and powerful free cash flow. The end result is strong value creation across the board for our customers, our shareholders, our employees, and for the planet.
Please turn to Slide number 4. In the first quarter, we extended our track record of strong execution. Our global teams delivered robust performance across the board. Quarterly bookings of more than $5 billion were at an all-time high and up 17% organically. Organic revenues were up 14%. Adjusted operating margins were up 230 basis points. And adjusted EPS was up 38%.
First quarter booking strength was again led by our commercial HVAC businesses globally, which were up over 20%, with growth in more than 30% in Equipment and mid-teens in Services. Bookings in our Americas Commercial HVAC business were once again a standout, up 30% with more than 40% growth in Equipment, and more than 15% in Services.
Booking strength was broad based with growth in nearly all vertical markets. We delivered exceptional bookings growth across our Applied Solutions, leveraging the power of our direct sales force, deep customer relationships, and leading innovation to capitalize on increasing project complexity in high-growth verticals. Our Commercial HVAC pipeline remains robust around the world and we see tremendous growth opportunities well into the future.
Our strong growth profile provides us with excellent optionality to accelerate key investments in 2024 while delivering strong leverage, EPS and free cash flow. And we put a number of high ROI investments in flight in the first quarter. With a focus on future growth, these investments include product innovation, increased capacity, sales and service excellence, digital and automation.
Our bookings performance further strengthens our position for 2024, and increasingly for 2025. Q1 ending backlog of $7.7 billion is up 10% from year-end 2023, and we increased our backlog for 2025 and beyond by $800 million to a total of $1.8 billion, increasing visibility to future growth. Based on our Q1 results and expectations for continued strong performance, we're raising our full-year revenue and EPS guidance. Chris will cover the details in a few minutes. Please go to Slide number 5. Demand for our innovative solutions continues to be exceptional with a book-to-bill of 120% on strong organic revenue growth of 14%. In the Americas segment, our Commercial HVAC business delivered strong performance across the board. Bookings were up 30% in the quarter, and up over 60% on a three-year stack, led by our Applied Solutions portfolio, which we estimate carries an 8 to 10 multiplier of higher-margin services revenue over the life of the equipment.
Backlog for Applied Solutions continues to grow, which bodes well for future growth. Commercial HVAC revenues were up mid-20s, with more than 35% growth in Equipment, and mid-teens growth in Services. The compounding of Services revenue year after year provides strong growth in good times and is resilient in more challenging macro conditions. We're investing heavily in sales and services excellence programs [Technical Issues] strengthen our business for the long term.
Turning to Residential, bookings were down low-single-digits and revenues were up low-single-digits. The business performed stronger than our initial expectations for Q1 and we're cautiously optimistic moving forward. Our transport businesses performed as expected, with bookings down low-single-digits and revenues down mid-teens. While we see the downcycle in transport as modest overall, the business is facing tough comps from 2023. A plus 20% growth comp in the first half and a down 20% growth comp in the second half, which impacts the optics in the near term. Net in 2024, we expect to see a soft first half and a strong second half.
Turning to EMEA, the region performed in line with our expectations. Commercial HVAC bookings and revenues were strong, up low-teens, and up high-single-digits, respectively, while transport bookings and revenues were down low-single-digits. The book-to-bill was very strong at approximately 120%.
Turning to Asia, the team delivered strong performance, consistent with our expectations for the quarter. China remains very strong, with bookings up more than 20%, and revenues up high-teens. Asia's book-to-bill was also very strong at approximately 120%.
Now, I'd like to turn the call over to Chris. Chris?
