Vicente Reynal
Chairman, President and Chief Executive Officer at Ingersoll Rand
Thanks, Vik. On Slide 12, our Industrial Technologies and Services segment delivered strong year-over-year organic revenue growth of 9.5%. Adjusted EBITDA increased 31% year-over-year with adjusted EBITDA margin of 28.8%, up 260 basis-points from the prior year, with an incremental margin of 42%. I would like to take a minute to note that this high-20s adjusted EBITDA margins are in-line with our 2025 long-term targets set during our Investor Day in 2021. So we're almost three years ahead of schedule in terms of achieving these results.
Book-to-bill remains on track and finished in-line with expectations at 0.94 times. Consistent with previous guidance, we anticipate a book-to-bill of approximately one times for the year. As a reminder, we typically see a book-to-bill of above one in the first-half as larger longer-cycle orders are placed and below one in the second-half as those larger longer-cycle orders are shipped. Organic orders came in-line with our expectations, down 8.7%, as we are comping high-teens organic orders growth from Q3 last year. Therefore, it is good to highlight that on a two-year stack for the third quarter ITS organic orders have grown 80%.
Moving to the product line highlights. Core product lines continued to show strong momentum on a two-year stack excluding FX and also excluding the recent acquisitions of SPX air treatment and Roots blowers. On a two-year stack, compressor orders were up low-double-digits and revenue was up mid 30s. Industrial vacuum and blower orders were up mid-teens and revenue was up low-30s. And the Power Tools and Lifting was up low-double digits on both orders and revenue. For additional detailed information on product lines and regional splits, we have moved the chart which was previously included on this page to Slide 17 in the appendix.
Moving to the innovation in action portion of the slide, we're highlighting a new oil-free compressor recently launched in North-America. This program is a great example of Ingersoll-Rand leveraging i2V to deliver new products with best-in class efficiency. These IIoT ready compressor is 14% more efficient than the previous model and it is 5% more efficient than the competition.
Turning to Slide 13, revenue in the Precision and Science Technologies segment declined 5% organically. The decline in orders and revenue were primarily driven by the Life Science business which continues to experience softness in the oxygen concentration and biopharma end-markets. We remain positive about the underlying health of the PST business that's short-cycle orders in Industrial businesses were positive both sequentially and year-over-year. The increases in the shorter-cycle business were driven by demand-generation activities and lead-time reductions. Overall, the PST segment remains on-track to meet our long-term Investor Day growth commitments as illustrated on the chart on the bottom-left hand side of the page.
The three-year organic order and revenue CAGR of 5% and 7% respectively are in-line with the long-term Investor Day targets of mid-single-digit plus growth. Additionally, the PST team delivered adjusted EBITDA of $94 million, which is up 2% year-over-year despite declines in revenue. Adjusted EBITDA margin was 30.3%, up 120 basis points year-over-year revenue. The continued year-over-year improvement in our adjusted EBITDA margin is driven primarily by price-cost improvements and synergy delivery on acquired businesses.
For our PST innovation in action, we're highlighting our YZ brand partnership with the largest natural gas transmitter in Europe, GRDF. During the second quarter of 2023 we executed a 10-year contract with GRDF to provide mission-critical odorization equipment for renewable natural gas or RNG. We're very excited about this partnership and believe that there are plenty of future growth opportunities as the European Union has committed to replacing 20% of lost Russian gas supply with RNG over the next six to seven years.
Moving to Slide 14. Give the year-to-date solid performance and continued momentum from backlog, we are once again raising our 2023 guidance. For the full-year, total company revenue is expected to grow between 14% and 16%, which is a 200 basis point improvement versus our previous guidance. We anticipate organic growth of 9% to 11%, where on volume remains split approximately 60/40. FX is now expected to show a slight headwind of approximately 1% on a full-year basis. Our revenue from M&A has increased by $60 million to approximately $360 million for the full-year. This increase reflects the impact from all completed and closed M&A transactions as of November 1, 2023.
Corporate cost or plans at $170 million for the year. Total adjusted EBITDA for the company is expected to be in the range of $1.73 billion and $1.77 billion, which is up 2% versus prior guidance and up 9% versus our initial guidance at the midpoint. At the bottom of the table, adjusted EPS is projected to be within the range of $2.81 and $2.89, which is up 21% year-over-year at the midpoint. We're also reaffirming a book-to-bill of approximately one for the full-year, which puts us in a solid position as we look to enter 2024.
Based on our current full-year outlook, backlog will finish at near-record level highs and we will end the year with approximately 40% higher backlog compared to the balance at the end of 2021. As Vik had mentioned earlier on the call, interest expense is now projected at $155 million, with a portion of the interest expense savings from the debt restructuring being realized in 2023 million. No changes have been made to our guidance on the adjusted tax rate or capex spend as a percentage of revenue. They remain in-line with both initial and prior guidance.
On the bottom-right hand side of the page, we included some additional commentary specifically around Q4. We do expect organic orders to be positive, both sequentially and year-over-year. In addition, we anticipate organic revenue to be positive in both price and volume year-over-year. Incremental margins are expected to be approximately 35% for both Q4 and the full-year.
Turning to Slide 15. As we wrap-up today's call, I want to reiterate that Ingersoll-Rand remains in a strong position and we're proving how resilient we are even in difficult microenvironment. We continue to deliver record results and our updated guidance is reflective of our year-to-date performance and ongoing backlog momentum.
To our employees, I want to thank you for another quarter of record results. These results show the impact each of you have as owners of Ingersoll-Rand. We will remain focused on our commitment to meeting our financial targets and executing our economic growth engine using IRX. As we continue our track record of market outperformance, our balance sheet is strong as ever. And with our disciplined and comprehensive capital allocation strategy, we remain resilient and have the capacity to deploy capital to investments with the highest return. We remain nimble and continue to monitor the dynamic market conditions and are prepared for the challenges that may come.
With that, I will turn the call back to the operator to open the call up for Q&A
