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Mar 31, 2020
Comfort Systems USA Q1 2020 Earnings Report
Comfort Systems USA reported mixed results for Q1 2020, with revenue increasing but earnings per share decreasing compared to the same period in 2019.
Key Takeaways
Comfort Systems USA reported a revenue increase for the first quarter of 2020, reaching $700.1 million compared to $538.5 million in the first quarter of 2019. Net income decreased to $17.7 million, or $0.48 per diluted share, compared to $19.9 million, or $0.53 per diluted share, in the prior year. The company's backlog remained strong at $1.62 billion, and free cash flow was positive at $15.1 million.
Revenue increased to $700.1 million compared to $538.5 million in Q1 2019.
Net income decreased to $17.7 million, or $0.48 per diluted share, compared to $19.9 million, or $0.53 per diluted share, in Q1 2019.
Backlog increased to $1.62 billion as of March 31, 2020.
Free cash flow was $15.1 million, compared to negative free cash flow of $7.5 million in Q1 2019.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
The company expects the most significant impacts from COVID-19 during April, May, and possibly into June, with consequences continuing throughout 2020. Earnings per share in the second quarter are expected to be positive but lower than in the second quarter of 2019, with anticipated improvement in the second half of 2020.
Challenges Ahead
- Expects significant impacts from COVID-19 during April, May, and possibly into June.
- Consequences of COVID-19 will continue throughout 2020.
- Earnings per share in Q2 will be considerably positive but lower than in Q2 2019.
- Preparing for a wide range of economic circumstances in 2020 and beyond.