So my belief is that some of that volume will actually push towards the second half from the first half, but we’ll see how the year plays out. As far as in Europe, Thermo King we think the market will be down a lot of that’s the economic conditions there. But in both cases, whether the Americas or in Europe, we plan on outperforming the markets as we’ve demonstrated our capability over the last two years.
Operator: We’ll take our next question from Gautam Khanna with Cowen.
Gautam Khanna: Good morning. Thanks, guys. Thank you. Hey, I just wanted to ask you about any, are you seeing any evidence of weakness in the forward project pipeline on the commercial HVAC in that domain?
David Regnery: I’m sorry just repeat €“
Gautam Khanna: I’m just curious like.
David Regnery: I am sorry, go ahead.
Gautam Khanna: Yes, any weakness forward €“
David Regnery: Yes, I got this in the foreword. Yes, no, we’re actually, if you look at our commercial HVAC businesses on a global basis, right, lots of strength in the Americas, really, across many verticals, okay, which is always a good sign. We don’t see that slowing down. In fact, we see some tailwinds towards the back half of the year with regulatory changes as far as IRA, as well as with the CHIPS Act. Okay, that’s all-in front of us. So those will be nice tailwinds. With a book-to-bill of 110%. We have a lot of backlogs in our commercial HVAC, Americas business. In Europe. just to be really blunt about it, we’re winning in Europe with our innovations. And just a really strong fourth quarter, we had been faced with some supply chain issues there throughout 2022.
A lot of those challenges improved dramatically in the fourth quarter. You see that with our revenue growth, I mean, revenue growth in the fourth quarter was up – was over 40%. And our bookings continued to be strong as they were up in the high teens, so a lot of strength there. And then in Asia, I mean, Asia was a surprise. And our revenue growth was 20%. About five points of that was kind of a hangover from the COVID problems we had in the second quarter, but still 15% very strong, and order rates remain strong. In China, specifically, our order rates were up close to double digits, revenue was up double digits. So we’re cautiously optimistic on Asia as it reopens China then.
Gautam Khanna: Thanks for the thorough answer. And then just lastly, could you quantify how much price you have embedded in the sales guidance this year?
Christopher Kuehn: Hey, Gautam, this is Chris. Yes, I think we have modest price carryover going into 2023. Certainly we’re going to be comping against tough comps in 2022 with record levels of pricing. You think about the full year €˜22, we had close to 10 points of price. It’s actually 9.5 points of price on the full year. Right now we’re not planning on multiple price increases in 2023. But we do remain nimble to react to how we see input costs playing out during the year. It’s a strength in our business operating system we’ve remained price costs positive. These last two years of highly inflationary environments. So we’re going to remain nimble. Could it be in the 2% to 2.5% range? Yes, that’s probably the range that it’s in for carryover.
Operator: Our next question comes from Joshua Pokrzywinski with Morgan Stanley.
