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For 2023, backlog in commercial HVAC is up approximately $700 million.
Over the past 3 years, our commercial HVAC backlog has nearly tripled.
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2023 Q4
25 Feb 24
We entered 2024 with a backlog of $6.9 billion, with the composition shifting increasingly towards commercial HVAC
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2023 Q4
25 Feb 24
commercial HVAC end markets over the next several years, we see a strong pipeline of projects
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2023 Q4
25 Feb 24
We're thriving in key verticals such as data centers and high-tech industrial
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2023 Q4
25 Feb 24
We're thriving in key verticals such as data centers and high-tech industrial
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2023 Q4
25 Feb 24
Global commercial HVAC markets continue to be robust
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2023 Q4
25 Feb 24
In the Americas segment, commercial HVAC bookings were up mid-teens and revenues were even stronger, up mid-20s.
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2023 Q4
25 Feb 24
Our fourth quarter was down approximately 20% against a tough prior year growth comp of up 30%.
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2023 Q4
25 Feb 24
transport businesses
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2023 Q4
25 Feb 24
Q4 marked the beginning of a modest market down cycle, which is expected to snap back in 2025.
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2023 Q4
25 Feb 24
For full year 2023, we modestly outperformed end markets, which were down 5%.
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2023 Q4
25 Feb 24
China bookings were down low single digits but up high single digits on a 2-year stack.
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2023 Q4
25 Feb 24
We expect residential to continue to normalize through the fourth quarter and for the normalization process to be largely complete in 2023. Also, as expected, strength in commercial HVAC is more than offsetting the decline in residential in 2023.
Our transport refrigeration business was largely in line with our expectations in the third quarter and up more than 40% on a 2-year stack.
We expect to outperform the market for the year. ACT is projecting a dip in 2024 and a bounceback in 2025 and continued growth afterwards.
comm hvac offseeting resi weakmess
Transcript
2023 Q3
2 Nov 23
So yes, we had a little bit of activity in the third quarter but we just had some really nice growth. And as I said earlier, data centers, education continues to be very strong. And then we had like what I would call solid performance over a lot of different verticals, health care, life science, government, industrial. Those are all very solid performance in the quarter.
So I think a lot of the mega projects are yet to come, which is still good news. And I think I've told you on our second quarter call, our ability to track these projects and to triage them on a global basis because some of these big mega projects, you have decision-makers that are in different parts of the world. And you have -- you could have the owner in Korea, you could have the engineer in Seattle, Washington and the project is in Texas. And we're able to triage that and work with the customer and show the value that we can provide.
interest rates not impacting much
Transcript
2023 Q3
2 Nov 23
es. Julian, we don't look at just light. We look at units are in total so it would be light and large. And historically, it's been about 50-50 in our equipment business. But obviously, in the third quarter, we had very, very strong demand in our applied business.
So think of data centers, high tech, education, we're very strong. We had solid performance in other verticals, too, like health care, life science, government, industrial. And then there were some weaker verticals as well. Think of traditional office, warehousing and retail and those weaker verticals where you tend to see more unitary than applied systems
comm hvac revenue split
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2023 Q3
2 Nov 23
Yes, that's helpful color. I have to ask this question.
You have a competitor who had a ransomware issue in the quarter. Did that help you guys as it related to bidding on things and such or was that a nonevent?
David Regnery
It was not -- it was a nonevent so I hope everything is okay there, but it was a nonevent.
jci nonevent
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2023 Q3
2 Nov 23
While we expect the law of large numbers to kick in at some point and for order growth to decline, absolute bookings are expected to remain robust, given our new baseline is at a very high level.
new high baseline of ordrs
Transcript
2023 Q3
2 Nov 23