you call. go a with main Thank slide Mike. nine. from points Please away to today's number I of take few a will to begin summary
fourth were discussed, quarter climate on in with efficiency sustainability customers. segment Mike revenues and our As organic focus consistent strong particularly for our energy
growth HVAC delivered climate organic orders revenue in X%, X% commercial called saw XXXX. outsized when business transport million strong, Climate in XXXX. also segment the were of fourth approximately large throughout growth the quarter that Our specifically growth order low of XXXX excluding out teens, and we our compounding up that order $XXX on
year-over-year were down previously. delivered comp the electric revenue markets we revenues mentioned segment, on growth, offset X% cycle short In tough which of by X% was revenue organic Small vehicles soft in in a declines industrial our continued XXXX. industrial
of delivered adjusted cash exceptional team up net free in XXX% flow Our XXXX, earnings.
flow ago on excess building performance both up of adjusted EPS five with the free delivered in driven in XX% year over and climate average versus XXX%. in cash Adjusted per have consistently X% XXXX. share growth earnings We year our growth earnings was time segments. net operational of a by was period industrial
we XXXX, capital in shareholders. entered Systems best in the through Importantly, more Precision Gardner or expense share After $XXX core capital dividends, investments completed for than on our ROI Flow our and reinvesting transaction focused our totaling repurchases we excess pending and RMT on deployed in remain in million Denver. with $XXX four $X.X billion million acquisitions into deploying in business including
balanced to free over generate deploying and XXX% beyond, on expect cash of Moving to into our flow strategy, excess continue execute XXXX powerful and capital allocation cash time. we
basis adjusted Stepping XX. of for delivered strong of the operating moment, slide back growth a X%, go per was points top improvement share and Please margin quartile the X%. revenue year details another a capping to organic quarter performance. of from of quarter, XX QX growth earnings In we of adjusted
XX. Please go number slide to
quarter restructuring the revenue costs expansion our growth When year, through quarter in primarily segment delivered mentioned quarter. climate the strong were with prior another higher in improvements segment, due and operating margin strong coupled savings. our productivity, growth operational EPS and Fourth we of industrial As to previously, strong delivered impacts. two income corporate than
of timing spend QX higher XXXX. than functional the First, in in XXXX was
employees the term our which beyond and metrics and already design. we of compensation net Second, our achieved is incentive testament company a flow the healthy it our great financial globally. conversion long conversion our see a cash performance central a performance cash XXXX work of XXX%. to free increased important role for flow cash most our Net, to plays strong results by of in hard actual strong Free is of one in our stronger-than-expected XXX% to earnings QX, free forecast flow
it it was in compensation the in full true-up, the lump just as little On a year a and flipside, incentive fourth a taken costs more sum quarter.
tax the in effective of XXXX. the quarter XX.X% XX% our in rate was of fourth line in quarter low third versus guidance up Lastly, but the quarter with
number go XX. Please slide to
margin one modification of we highlight bridge to what you would elements the discussing seen like our I to Before have made today, that previously.
to from mix separated have We believe clear this volume a price, We inflation visualize material tariffs. with way combined and is bridge. margin the mix and
combining would is accustomed walking a price and adjustment. couple different tariffs positive and is this a a inflation you As to to, bit material through and minutes may take the than modification be why I you of like mix,
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is of inflation, are project create a on system New costs input building. For detailed gross for to system we better margins that it's than example, the project project high-rise we when the whether system. margin we better must configured Since that or higher on unique the components is the utilized street, calculate in to because answer priced York, when we the better have is the improvement the tracking margin in question if mix because we
clear, completing delivered we of in positive quarter seventh be confident quarter the strong we price consecutive cost. are our To cost price
cycle compared from like and more compressors expansion strong price from as to Negative volume growth short equipment the offset declines we to revenue as cost products. and than We margin margin in mix outsized product continue deliver growth also products quarter. transport higher commercial delivered in HVAC our industrial
inflation in the other flat versus quarter. was Productivity
The implementation optimization restructuring were previously adjustments excellence offset year-end the delivered and segments productivity projects. and inventory footprint operational solid segment savings increases and compensation savings. mentioned from by incentive an following climate ERP Our
We growth high continue invest reduction projects expense to operating on investment. and returns heavily with in
Please go to slide XX.
segment productivity. growth, solid climate another we growth. and delivered organic Consistent realization Our with delivered our volume price of strong revenue expectations, quarter
we to due the deleverage below slide. revenue operating year-end primarily previously on declines expectations, previous was As mentioned mentioned, transport and the leverage true-ups the on
revenues soft by we slide electric XXXX. growth X% industrial down declines in was our segment, cycle short market in Please in X% year-over-year Strong industrial revenue small on XX. vehicles mentioned revenue a a tough comp offset go to previously. In organic were of
XXX improvements in built organic basis EBITDA business. we a have margins The adjusted Despite years, savings. expanded acquisition improvement through operating several industrial revenue industrial quarter, margins in quarter. margin past resilient XXX declines more with stronger, our operational the segment the of PFS restructuring productivity points expanded points our Over operating by and our efforts combination the basis programs,
XX. We committed to healthy excellence high margin shareholders. opportunities for excess to growth, continued our remain the the are investments strategy allocation and vital which slide a with to returns maintain and leadership cash ROI balanced go We product of that innovation business technology, consistently level expansion. a to in highest operational Please deploys capital projects,
continue acquisitions remain investments We balance We returns. us further shareholder to term with committed long in maintaining markets strategic that make continued a as strong that optionality provides improve to evolve. our sheet
the at strong increases rate growing above earnings We and have commitment reliable, to over of or growth long-standing that time. a a dividend
share that per XXXX. deliver yield With the an Gardner our through Trane of Technologies. dividend closer, This and maintain proposed annualized expect for transaction to I with attractive $X.XX post-closing you growing remind Denver dividend will we
XXXX we dividend with long-standing will earnings in consistent priorities. For evaluate growth increases and with deployment and beyond, capital line our
strategy. to opportunities look capital balanced about business, strategic be ROI to remain committed forward we we reinvestment to dividend, acquisitions to investments, We capital strong excess a enthusiastic making accretive or future As in XXXX, the that a whether remain allocation the shares. value the repurchasing best deploy
we slide Please industrial proposed guidance, will I transaction Technologies. including this segment. XX. a minutes reverse few Morris for go the industrial After combined year, Trane spend to a provide XXXX to level outlook closed our the trust closes, high business Anticipating anticipate early newly transaction walking you will the through
reported in XXXX markets. HVAC market and Given to outlined and organic backdrop the X% Mike we be end healthy earlier, broadly up revenues total expect to X%
climate expansion. our XX basis segment XXXX, margin of delivered During points
stranded continued creating revenue expand HVAC outlook margins transport the segment. we industrial I by on solid expenses are to cost XX expected our will in previously the allocated basis, offset presentation. Apples-to-apples steep approximately an to XX segment quarter, including our corporate headwinds. declines between more and Mike transport we XXXX, the more anticipate our in mix stranded later to business business outline later detail explain In apples-to-apples expect first further $XXX be in about our In million unallocated costs will presentation. growth outlook points. basis in our in
modeling expense of to timeframe. to million. be purposes, items. expected also the $XXX approximately May million For be and we million approximately the reflecting Depreciation is interest offer amortization $XXX in We estimate retirement $XXX following debt
XXX% be X% earnings have cash expenditures million of with share to X% to And we revenues. We of than $XXX modeled free in targeting capital approximating greater are flow repurchases. net
with slide segment interest Morris industrial proposed to would topics And transaction. to go about We Please like of reverse now the questions often I status the of two cover you. trust get XX.
this have cover a I We the covered points most presentation of will slide throughout here. so few
anticipate time separation previously costs Entering to be communicated range $XXX XXXX, we transaction to the one million of and of high-end $XXX million. at our
During months. the and spend few in XXXX, approximately $XX we expect million to next spent we rest the
to continue We to and integration plans detailed and carry separation all execute out of the project transformation planning our work.
in Given after and and integration the separate of the of as operate marketplace we the much continue that compete work companies transformation the to until closes. Denver Gardner deal and close the two transaction, ramps
Last be pending will pure-play sustainability announced approval. company month, focused Technologies, named our climate shareholder that we Trane
set our the plan. is which Investor three-year year the We on XXXX York fall trade timing we for Day this Investor and Exchange complete plan contemplating Technologies in our the Investor expect that the final In the of will TT recognize as that our New are year, we of three-year first guidance to Day Today giving Stock Day, we of year. Trane Technologies at the Trane host to targets in mid-XXXX. financial third we
Additionally, and of we and close those analyze a you will of couple time strategy long under give financial performance complete continued statements XXXX between the to the a With separate be chance position and two outline as give reporting historical Investor appropriate a transaction, operating Investor file well companies, begin quarters Day, term tasks the now structure. underway, of Day. in targets we will at further Technologies' and financial new Trane the to our segment
Please go to slide XX.
will how questions cost at Technologies. the by of Trane to industrial the million estimated was for illustrated guide costs We in model the from get stranded slide. I that the new we and associated million the at the time being absorbed through walk bottom were of RMT with to math the of time Starting costs the in the savings agreement. were not the XXXX our the left, industrial. With chart segment specific corporate about $XXX also mind, our that unallocated $XX you allocated At approximately also corporate transaction
million for a In cost addition, stranded are $XXX total of of costs. million targeting we $XX of reduction
the To $XXX make have segment. cost the unallocated math both million the we industrial to shown a the and rebaseline simple, allocated currently totaling that costs includes
$XXX climate reductions from costs, rebaseline million for netted Our unallocated stranded in million reflects the costs. corporate may $XX of guidance against cost a clear, XXXX corporate from cost million corporate To come or the be reduction these $XXX businesses.
presenting and We you cost corporate this give in XXXX modeling for are margin targets comparable guidance outlook. our to way easily climate
million. XXXX, to we As to corporate full reduction XXX $XXX we million additional stranded cost realize $XXX or $XX to approximately to To target. we remove our reductions, achieve these either businesses an move the cost million plan expect from to climate stranded spend million
will stranded We on quarterly progress. cost provide updates reduction our
turn with will over back I that, Mike. call And to the
