Dave Regnery
Chair and Chief Executive Officer at Trane Technologies
Thanks, Zac, and everyone, for joining us on today's call. I want to begin with a few thoughts on our purpose-driven strategy, which enables us to drive differentiated financial results and shareholder returns over the long-term. Our strategy is aligned to powerful megatrends like climate change, which continues to have serious and far-reaching effects on the environment, the economy and human health. Urgent action is needed to limit global warming and preserve our planet for next generations. That's where Trane Technologies is uniquely positioned to lead. We just released our latest ESG report, which highlights how our innovation is helping our customers decarbonize their operations, save energy and improve performance.
We have reduced our customers' carbon emissions by 93 million metric tons since 2019 towards our goal of reducing emissions by 1 gigaton or 1 billion metric tons by 2030. These bold ambitions drive our relentless focus on innovation, and our innovation creates tremendous demand for our sustainable solutions. This enables us to deliver a superior growth profile, strong margins and powerful free cash flow. The end result is long-term value creation across the board for our team, our customers, our shareholders and for the planet. Moving to slide number four. Our global team continues to execute at a high level and delivered another quarter of strong performance, showcasing the power of our diverse, resilient portfolio.
Organic revenue was up 9%. Adjusted operating margins expanded 140 basis points, and adjusted EPS grew 26%. Absolute bookings levels continue to be extremely strong, as evidenced by our book-to-bill ratio of 117% in the first quarter. We added $400 million to our backlog, driving record backlog of $6.9 billion at year-end 2022, up to $7. 3 billion at the end of the first quarter. Demand continues to be particularly strong in our long-cycle commercial HVAC businesses, where global commercial HVAC bookings were up more than 35% on a two-year stack. And Americas commercial HVAC bookings were up nearly 40% on a two-year stack.
We've been encouraging investors to look at absolute booking levels and backlog in addition to growth rates to gain a more complete understanding of the strength of our business. Q1 is a good example of why that is important. Our enterprise book-to-bill of 117% was led by commercial HVAC in all regions and demonstrates ongoing exceptional levels of demand for innovative products and services and continued backlog build. These strong results position us well for continued profitable growth in 2023 and 2024 with improving visibility. Our backlog of $7.3 billion is more than 2.5 times historical norms. Further, we expect backlog to remain elevated throughout 2023 and anticipate entering 2024 with backlog in excess of $6 billion.
To be clear, $6 billion in backlog is a scenario we believe represents the floor. The intent is to accomplish two goals: first, give investors a high degree of confidence we will meet or exceed the floor scenario. The second is to give investors a high degree of confidence that the floor scenario will put us in a very strong position entering 2024 with backlog as a percentage of forward revenues significantly higher than historical norms. Our strong balance sheet, liquidity and financial position continue to provide us with excellent capital allocation optionality. Year-to-date, we've deployed $720 million to dividends, share repurchases and M&A, and we expect to deploy approximately $2.5 billion in 2023.
On the M&A front, we acquired a leading industrial process cooling technology company in EMEA and committed to acquire a precision temperature control cooling company in the life science vertical in the Americas. Overall, the first quarter played out essentially as expected and gives us confidence in raising our full year guidance for revenue and EPS growth. We continue to expect free cash flow to be equal to or better than 100% of adjusted net earnings. Chris will discuss our guidance in more detail later in the presentation.
Please go to slide number five. Demand for our innovative products and services continue to be broad-based across our segments, highlighting the strength of our global portfolio. Our book-to-bill in the quarter was not only strong at the enterprise level, but exceeded 115% in each segment as well, contributing to elevated backlog across the portfolio. Revenue is also robust in each segment with particular strength across our commercial HVAC businesses. In the Americas, our book-to-bill ratio exceeded 115%, led by commercial HVAC. The commercial HVAC team delivered standout results with strong absolute booking that exceeded mid-teens revenue growth.
Revenue growth was strong in both equipment and services, up high-teens and low-teens, respectively. Our Americas residential business performed largely in line with our expectations at this early stage in the year. Bookings and revenue continue to normalize as we approach the cooling season and distributors manage their inventory positions. Still, our book-to-bill was roughly flat in the quarter. Sell-through revenues across our channel and our IWDs were flat year-over-year. Our Americas transport refrigeration business performed consistent with our expectations for the first quarter with mid-single-digit revenue growth. We expect this business to outperform the end markets, which are expected to be flat for the year.
It's also worth noting that we expect quarterly bookings for both Americas and EMEA transport to be lumpy throughout the year, the timing of order books, customer order patterns and elevated backlogs. In our EMEA segment, our commercial HVAC business delivered another standout quarter. Bookings were robust and revenues were up more than 25% with strength in both equipment and services, up nearly 40% and high-single-digits, respectively. Our transport refrigeration business also had a very strong quarter with revenues up mid-single-digits.
We expect this business to outperform the EMEA transport refrigeration markets, which are expected to be down low-single-digits to mid-single-digits for the year. In our Asia Pacific segment, the team also delivered strong results with revenues up high-single-digits, supported by broad-based growth in China and across the region. Commercial HVAC was again a standout with low change revenue growth led by services, which was up nearly 25%.
Now, I'd like to turn the call over to Chris. Chris?
