Vicente Reynal
Chairman, Chief Executive Officer at Ingersoll Rand
Thanks Vic. Moving to Slide 11, our industrial technologies and service segment delivered solid year-over-year revenue growth of approximately 3% on top of approximately 19% growth in Q3 of last year. Adjusted EBITDA margins finished at a record high of 30.7% with incrementals of over 100%. Adjusted EBITDA margins finished up 190 basis points from the prior year, which was driven primarily by gross margin expansion. Book to bill was 0.97 times with organic orders up low single digits, finishing largely in line with expectations.
Moving to the product line highlights, compressor orders were up mid-single digits, and we continue to see positive orders globally excluding China. Compressor revenue was up low single digits in the quarter, while industrial vacuum and blower orders were up high single digits and revenue was up low single digits. For innovation in action, we're highlighting our new patented oil free technology that is focused on high growth sustainable end markets like food, beverage and clean energy. This patented technology offers a 30% reduction in total cost of ownership, driving a great return on investment for the customer and helping our customers achieve their scope 1 and scope 2 emission reduction targets.
Turning to slide 12, the PST segment achieved 3% organic order growth and delivered adjusted EBITDA of approximately $118 million with a margin of 30%. We continue to see many encouraging signs within the PST segment, with sequential order growth of 13% and sequential revenue growth of 16%. Book to bill was 0.96 or 0.99 on an organic basis. In addition, short cycle orders in PST segment remained positive with book and ship orders of high single digits year-over-year demonstrating the continued ongoing momentum of organic orders driven mainly by our demand generation efforts. We're pleased to see organic order growth stabilizing, and we remain positive about the underlying health of the PST business.
Finally, I wanted to highlight the performance of ILC Dover within the quarter. Sequentially, total ILC Dover revenue improved low double digits with the biopharma business up low 20s, and the medical device component business up low double digits. year-over-year, revenue for the biopharma business is up double digits. We're very pleased with the business performance, and we're optimistic about the potential to drive above market growth.
Our PST Innovation in Action example shows how our mission critical products can help a community in need. Planet Water Foundation provides safe drinking water access in the wake of emergencies and natural disasters. Using our Dosatron pumps, the Planet Water system can provide clean drinking water for up to 6,000 people without the need of electricity. The system was recently deployed in Nashville, North Carolina, after Hurricane Helene.
I also would like to take a moment to talk about the recent hurricanes which impacted our Dosatron site in the Tampa area, where several of our team members experienced flooding that damaged many of their homes. And despite this, they worked late nights and weekends to support our customers. So, to our Dosatron team, a special thank you for your dedication, hard work and resiliency. Your actions show what we can achieve with our ownership mindset and culture.
On the next slide, let me provide an update on the current market trends as we always get a lot of questions about our leading indicators. Marketing qualified leads or MQLs are a key leading indicator of our short to medium cycle business. As illustrated in the chart on the left-hand side of the page, our MQLs continue to grow. For the quarter, organic MQLs are up 12% year-over-year and are up 7% sequentially. As for the longer cycle component of our portfolio, one key indicator we look at is the funnel activity for engineered to order compressor systems, and we remain encouraged as the Funnel activity for Q3 is up 22% year-over-year. Consistent with what we discussed last quarter, the decision-making process remains elongated. The feedback we hear continues to be centered around customer site readiness and too many projects happening at the same time which is impacting EPC engineering capacity.
As we move to Slide 14, we have updated our full year 2024 guidance for revenue, adjusted EBITDA and adjusted EPS. Total company revenue is now expected to grow overall between 5% to 7% which is down 100 basis points versus our prior guidance, for adjusting our organic revenue guidance down 200 basis points driven predominantly by the timing of orders converting into shipments. While we are very encouraged by the improvement in Q3 organic order momentum and continued strength in market activity, we continue to see customer delivery delays driven largely by customer site readiness and other factors including the upcoming election. We expect these orders to be delivered in 2025.
As we look at our MQL data, loan cycle project funnel and Q3 organic order growth, this situation remains encouraging as we move into 2025. FX is now expected to be approximately flat for the full year which is approximately 100 basis points as compared to our previous guide. M&A is projected to contribute around $455 million which reflects all completed and closed transactions as of October 31, 2024.
Corporate cost remains at approximately $170 million. Total adjusted EBITDA for the company is expected to be in the range of $2.01 billion and $2.04 billion which is approximately 13% year-over-year at the midpoint. Adjusted EPS is projected to be within the range of $3.28 and $3.34, which is up approximately 12% year-over-year at the midpoint. On the bottom right hand side of the page, we have included a 2024 full year guidance bridge showing the changes in our latest guidance as compared to our previous guidance provided in August. No changes have been made to our guidance on interest expenses, tax rate cap expense as a percentage of revenue and free cash flow to adjusted net income conversion, all remain in line with our previous guidance.
Finally, as we turn into slide 15, before we open the call for questions, let me wrap up by saying that I am very pleased with how our teams continue to execute despite the current market conditions. As we look to close out 2024, our teams continue to execute well in terms of targeted share gains and driving momentum in geographies where we have historically been underpenetrated, and despite lower organic growth expected in 2024, we're on track to deliver a nearly 10% organic growth CAGR for the total company over the past four years, which is two times our stated goal. What continues to differentiate Ingersoll-Rand is our economic growth engine where even in a difficult macro environment, we're able to add differentiated technologies to the portfolio with a distinct focus in high growth sustainable end markets.
Year-to-date, we have added 15 companies through M&A with 10 more bolt-on targets under LOI and we don't see this momentum slowing down. The real power continues to be in the value we're able to unlock as part of this model. We're on track to deliver again triple digit adjusted EBITDA margin expansion through strong initiatives focused on improving gross margins, which translate into strong double-digit earnings growth and solid free cash flow generation.
We believe that we have created a durable model that will continue to deliver exceptional financial results, differentiating Ingersoll-Rand as a premier growth compounder. With that, I'll turn the call back to the operator to open the call for Q&A.
