Dave Regnery
Chair And Chief Executive Officer at Trane Technologies
Thanks, Zach, and everyone, for joining us on today's call. Let's turn to slide number three. Before I dive into our quarterly results, I'd like to spend a few minutes on our purpose-driven strategy, which is the engine behind our differentiated financial performance and shareholder returns. Our strategy is aligned to powerful megatrends, like climate change and the crucial need for climate action. Last week, the United Nations released its emission GAAP report 2022, calling for urgent transformation to avoid climate disaster. The report cites critical actions needed, including efforts to scale zero emission heating and cooling technologies and to decarbonize the food supply chain. That's where Trane Technologies has a unique position to make a difference. We have the technology today to transform tomorrow.
We are proud to be leading our industry with aggressive, science-based sustainability commitments, actions and results. Together with our customers, we are dramatically reducing emissions and creating sustainable homes, buildings and cities. Our purpose-driven strategy, relentless innovation and strong customer focus enables us to deliver a superior growth profile through cycles. This, in turn, helps us drive strong margin and powerful free cash flow to deploy through our dynamic capital allocation strategy. The end result is strong value creation across the board for our team, our customers, our shareholders and for the planet. Moving to Slide number four. Q3 was another strong quarter for us across the board.
Our innovation leadership continues to win customers at an unprecedented pace, and our bookings level remained extremely high, reflecting strong share gains in virtually every area of our businesses. Organic revenues were very strong, up nearly 20% and our book-to-bill remained over 100% with organic bookings up 8%. Absolute demand continues to be extremely robust. For perspective, year-to-date organic bookings are 95% of our total revenues for 2021, and we still have the fourth quarter to go. Bookings continue to be particularly strong in commercial HVAC businesses globally. Our global commercial HVAC business is up more than 40% on a two-year stack. Our Americas commercial HVAC business is even stronger, up more than 50% on a two-year stack.
Strong broad-based bookings growth over the past seven quarters have driven our backlog to unprecedented levels with backlog of $6.4 billion at the end of the third quarter. We expect backlog to remain at elevated levels well into 2023. Strong execution of our business operating system has enabled us to stay ahead of persistent inflation and deliver over 10 points of incremental price and positive price versus inflation again in the third quarter. Pricing execution is a core competency for us and increasingly important given higher cost to serve customers across the value chain. On our second quarter earnings call, we discussed two temporary plant closures that delayed $120 million in revenue from the second quarter into the second half of 2022, with the majority of the revenues expected to be recovered in the fourth quarter.
I'm proud of the way our teams rose to the challenge to accelerate that recovery in the third quarter to meet or exceed our customers' needs. As a result, we successfully recovered $100 million of the $120 million in the third quarter, which is approximately $70 million ahead of our expectations, and we're on pace to deliver the additional $20 million in the fourth quarter. Our performance through the third quarter has been strong. Booking levels have remained robust. Backlog remains at unprecedented levels. Inflation has been persistent but our pricing execution has more than kept pace. Supply chain remains tight, but are slowly improving. All in, we're confident in raising both our organic revenue and adjusted EPS guidance above the high end of our previous ranges.
When you consider that our guidance includes an additional $0.07 of headwind from FX, we're effectively raising our operational guidance for the year by about $0.15 at the midpoint. The secular megatrends underpinning our strategy are only growing stronger. Execution of our high-performance business operating system and our unwavering focus on putting customers first remain at the core of everything we do. Our balance sheet, liquidity position and ability to deliver strong free cash flow provides a robust financial foundation and good optionality for capital deployment. We are well positioned to not only navigate near-term macro challenges, but to thrive as conditions improve. Please turn to slide number five.
As I discussed on the prior slide, both bookings and revenue growth were strong and broad-based in the quarter. America's commercial HVAC was again a standout with organic bookings on a two-year stack up more than 50%. Continued strong bookings have driven our Americas commercial HVAC backlog to new heights, up more than 70% year-over-year and more than 200% of historical norms. Commercial HVAC revenues were also strong with low teens growth in both equipment and services. In residential HVAC, revenues were robust, up 16% in the quarter. Bookings were down 8%, consistent with our expectations as bookings continue to normalize towards a GDP plus profile that we see for our long-term outlook.
Still, our book-to-bill was 92% in the quarter and backlog remains at historically high levels. We just opened the first half of 2023 order book for our transport refrigeration Americas business in September, and bookings were strong out of the gate, up high single digits for the quarter. Growth is consistent with our expectations as we've been working with customers on slotting throughout the year. Transport refrigeration revenues were very strong, up nearly 60%. Our team has done a terrific job of ramping up operations at the plant that was impacted by extreme weather in the second quarter and accelerating the recovery of delayed Q2 revenues into the third quarter.
When we held our Q2 call, we expected the team to recover about $10 million of the $60 million in revenues in Q3 with the balance in Q4. The team delivered the entire $60 million in the quarter, effectively accelerating the recovery of $50 million in revenues into the third quarter and enabling us to meet or exceed our customers' expectations. If we exclude the shift in revenues from the fourth quarter into the third quarter, third quarter revenues were still extremely strong, up more than 40%. We're on pace for significant share gains in 2022, adding to strong share gains the team delivered in 2021. Turning to EMEA. We continue to see strong demand for our innovative products and services that help reduce energy intensity and greenhouse gas emissions for our customers despite the challenging macro backdrop.
EMEA commercial HVAC orders were up low teens, and revenues were up in the mid-20s, reflecting strong demand across the portfolio, particularly for our thermal management systems, which are three to 4 times more efficient than conventional heating and cooling. EMEA transport refrigeration orders declined consistent with our expectations, mainly due to tough comps in the quarter. Additionally, we've been carefully managing our order book to mitigate inflationary impacts and therefore, just opened our order book in September for the first half of 2023. Revenues were up high single digits, significantly outpacing end markets. Overall, backlog for the region remains strong, approximately 40% higher than historical norms. In Asia Pacific, commercial HVAC bookings growth continued to be strong, up low teens.
The team has delivered organic bookings growth between low teens and low 20s in each of the past six quarters. Asia Pacific revenues were strong, up 28%. Similar to transport refrigeration Americas, our team has done a terrific job accelerating the recovery of delayed revenues due to a temporary plant closure from COVID-19-related lockdowns in China in the second quarter. When we held our Q2 call, we expected the team to recover about $20 million of the $60 million in delayed revenues in Q3 with the balance in Q4. The team rallied and delivered $40 million in the quarter, effectively accelerating the timing of recovery of $20 million in revenues into Q3. If we exclude the shift in revenues from the fourth quarter into the third quarter, third quarter revenues were still strong, up mid-teens. Overall, backlog for the region remains strong, approximately 50% higher than historical norms.
Now I'd like to turn the call over to Chris. Chris?