Dave Regnery
Chair and Chief Executive Officer at Trane Technologies
Thanks, Zac, and everyone for joining us on today's call. Let's turn to Slide number three. Today, I'd like to open with a few comments on our purpose driven sustainability strategy, which is the engine that enables us to deliver differentiated shareholder returns over time. Secular sustainability megatrends continue to intensify. Climate change is causing more extreme weather events, which threaten vulnerable people and economies around the world.
Scientists say, it is still possible to meet the targets set under the Paris Agreement. But it is getting more difficult as time passes. We need to act today. And that's what Trane Technologies is doing. We have set aggressive science-based emission reduction targets that continue to push our innovation further and faster. That innovation is transforming the way the world heats and cools buildings, improves indoor air quality, and safely transports food and medicine. As we scale today's technology and innovate for tomorrow, we can dramatically reduce emissions and accelerate the world's progress.
We are committed to making a difference relentlessly and over the long-term. This unyielding approach enables us to consistently outgrow our end markets, which in turn helps us drive strong margin and powerful free cash flow to deploy through our balanced capital allocation strategy. The end result is strong value creation across the board for our customers, for our team, for our shareholders, and for the planet.
Moving to Slide number four, our global team delivered a strong close to 2021, despite persistent macro challenges related to cost inflation, tight supply chains and logistics markets and labor availability that continue to restrict capacity and negatively impact productivity. In the fourth quarter, we delivered 27% bookings growth, a 11% organic revenue growth and 32% adjusted EPS growth. This includes approximately $80 million of $150 million of revenue that was pushed out of the third quarter, which was at the high-end of our guidance range of $50 million to $75 million.
On balance, 2021 was another very strong year for us, with record performance across key financial metrics. Bookings, revenue, backlog, EBITDA margins and adjusted EPS all hit record levels. Price realization also reached record levels. Demonstrating the power of our business operating system and enabling us to more than neutralize the impact of a widespread and persistent inflation for the year. With record demand for innovative products and services and backlog nearly doubled the level it was at this time last year. We are extremely well positioned for 2022 and beyond.
We anticipate macro challenges to continue to constrain capacity and to negatively impact productivity. And those impacts are reflected in our revenue and EPS guidance. They are also reflected in how we're thinking about the cadence of the year, with the second half expected to be much stronger than the first half. With continued strong demand and supply constrained by the macro environment, we expect backlog to remain at elevated levels throughout 2022 and into 2023.
Please turn to Slide number five. Looking at our initial guidance for 2021, we effectively met or exceeded all of our targets and delivered another year of strong financial performance. We delivered 11% organic revenue growth, 140 basis points of adjusted operating margin expansion and 37% adjusted EPS growth. We also delivered strong free cash flow and returned $1.7 billion in capital to shareholders through dividends and share repurchases.
Please turn to Slide number six. Our relentless investments in innovation and our unwavering focus on serving our customers enables us to deliver consistently strong performance and differentiated returns for our shareholders over the long-term. Demand for sustainable solutions continues to accelerate and our innovation leadership is positioning us to outperform end markets. This will only intensify as the world decarbonizes. We're confident our leadership in sustainable innovation will continue to deliver differentiated financial performance and shareholder returns into the future.
Please turn to Slide number seven. In addition to our financial metrics, our ESG performance is core to our purpose and our strategy. Beginning in 2021, we revised our annual incentive compensation plan for approximately 2,300 leaders to link directly to ESG metrics, including reducing carbon emissions and increasing the diversity of our workforce. These metrics are on our glide path to achieving our 2030 sustainability commitments. And I am happy to report that we exceeded each milestone in 2021. Job well done by the team.
Please turn to Slide number eight. Customer demand for our climate focused innovation continues to grow. We delivered another quarter of robust organic bookings growth with growth across all segments. Customer demand was high throughout 2021 with organic bookings, up 27% for both the quarter and the year, driving record backlog in each segment entering 2022. Organic revenues were also strong, up 11% for the quarter and the year. Overall, bookings growth far exceeded revenue growth, which was in part constrained by global supply chain and other macro challenges referenced earlier.
Our Americas commercial HVAC business delivered robust bookings growth in the quarter, with orders up mid-20s. Strength was broad-based with applied, unitary and service each up more than 20%. Demand for comprehensive end-to-end indoor air quality solutions remain strong and contributed to high single-digit organic revenue growth in commercial HVAC Americas.
The residential HVAC markets also remained strong and our residential HVAC team delivered bookings growth over 30%. Revenues were up mid-to-high teens in the quarter, adding to growth of more than 20% in the fourth quarter of 2020. Sell-through across our channels was also strong, up high-teens.
With full-year organic bookings up over 70% and full-year organic revenues up over 30%, our Americas transport refrigeration business significantly outperformed the North America transport markets. During the fourth quarter, we extended our 2022 order book through the third quarter of 2022, which contributed to bookings growth of more than 40%. We continue to thoughtfully manage our 2022 order book in order to mitigate inflationary risks. Fourth quarter organic revenue growth was consistent with full-year growth up 30%.
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. Our EMEA teams delivered 13% organic bookings growth in the quarter, with strong growth in both commercial HVAC and transport refrigeration. With full year organic bookings up over 40% and full-year organic revenues up over 20%, our EMEA transport refrigeration business significantly outperformed the markets in 2021.
During the quarter, EMEA transport refrigeration bookings and revenues were both up high-teens. Our Asia Pacific team delivered strong bookings growth of 18% and revenue growth of 4%, supported by broad-based growth in China and across the region.
Now I'd like to turn the call over to Chris. Chris?