Dave Regnery
Chair and Chief Executive Officer at Trane Technologies
Thanks, Zach, and everyone for joining today's call.
Please turn to Slide number 3. I'd like to begin with a few minutes on our purpose-driven strategy, which enables our differentiated financial results over time. Climate change is occurring much faster than anticipated, affecting people and communities around the world. As we saw here in North Carolina, just a few weeks ago, urgent and transformative action is needed to reduce emissions and limit global warming. That's where Trane Technologies comes in. Through our innovation, we are helping our customers reduce energy and emissions. When you consider that in a typical building, approximately 30% of the energy after the meter is wasted, it's a massive opportunity.
And for our customers, it's grain for green, good for the planet, and good for the bottom line. With our relentless innovation, consistent execution and uplifting culture, we are positioned to deliver a leading growth profile and differentiated financial results over the long term and build a more sustainable future.
Please turn to Slide number 4. We delivered strong performance in the third quarter, extending our track record of leading revenue and EPS growth among industrials. Our global team delivered 11% organic revenue growth, adjusted EBITDA margin expansion of 120 basis points and adjusted EPS growth of 21%. Enterprise organic bookings were very strong at $5.2 billion, the second highest quarter in the company's history, up 5% in the quarter and up 13% on a two-year stack. To put this into perspective, bookings were only about $120 million or 2% below our highest bookings quarter in Q2 of this year.
Organic bookings in Americas Commercial HVAC this quarter were also the second highest in company's history, up low single digits and up mid-teens on a two-year stack. Q3 bookings were only $100 million below the highest bookings quarter in Q1 of 2024. Net absolute bookings remain very strong. Given the tremendous growth we've seen over the past four years, and the variation in order timing, comps will likely continue to be somewhat lumpy. While absolute bookings are expected to remain very strong, backlog also remains very strong at $7.2 billion, up from $6.9 billion at year-end 2023, and we expect to exit 2024 with highly elevated backlog.
We encourage investors to look at absolute bookings, revenues and backlog, along with growth rates in order to gain a clear picture of our strength. Robust performance continues to be led by our Americas Commercial HVAC business, where revenue growth has been exceptionally strong and consistent. Revenues for each of the first three quarters of 2024 are up 50% plus on a three-year stack, inclusive of both equipment and services. And we expect the fourth quarter revenue to be up 50% on a three-year stack as well.
We are building a strong track record of market outperformance, particularly as increasing project complexity plays to our unique strengths in innovation and direct sales and service. Case in point, organic bookings and revenue for our Applied Solutions in the Americas are both up well over 100% over the past four years. Our installed base is expanding rapidly, adding an estimated 8 to 10 multiple of higher-margin services revenue over the life of the equipment.
Our strong performance throughout 2024 has enabled us to accelerate incremental investments, while delivering full year leverage above our long-term framework of 25% plus. We've stepped up the pace of investments in the second half of 2024, further strengthening our position for 2025 and beyond. Given our strong performance and positive outlook, we are raising our full year organic revenue and adjusted EPS guidance. Chris will cover our guidance update in more detail later in the presentation.
Please go to Slide number 5. In our Americas segment, commercial HVAC has delivered exceptional bookings and revenues throughout the year, as I've highlighted on the prior slide, with broad-based strength across vertical markets. Revenue was very strong, up nearly 20% in the quarter, with equipment and services up nearly 25% and mid-teens, respectively. In residential, the team delivered very strong results with bookings up high 20s and revenues up low teens.
Turning to transport. The business performed as expected. Bookings were strong, up high 20s. Revenues were down high single digits, consistent with our guide. In EMEA, commercial HVAC strength continues to be driven by demand for our innovation, with bookings up mid-single digits in the quarter and up high teens on a two-year stack. Revenue was also strong, up low teens. Our transport business performed in line with our expectations, with bookings up mid-teens and revenues flat.
Turning to Asia. Results were mixed between China and the rest of Asia. Starting with the rest of Asia, bookings and revenues were solid, up low single digits and up mid-single digits, respectively. China had a challenging quarter, which I'll discuss in more detail on Slide 8.
Now I'd like to turn the call over to Chris. Chris?