Loading...
•
Mar 31, 2021
Comfort Systems USA Q1 2021 Earnings Report
First quarter results were reported with increased earnings, cash flow, and sequential backlog.
Key Takeaways
Comfort Systems USA reported a strong start to 2021. Net income increased to $26.5 million, or $0.73 per diluted share, compared to $17.7 million, or $0.48 per diluted share, in the same quarter of the previous year. Revenue was $669.8 million, and operating cash flow reached $84.6 million.
Earnings significantly exceeded the first quarter of 2020.
Backlog strengthened this quarter compared to year-end.
Pipeline and bidding activity remain strong.
Good trends are seen in underlying activity levels, especially in industrial, technology, and modular markets.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
The company looks forward to continued strong results for the balance of 2021 and are optimistic about their prospects for the next several quarters.
Positive Outlook
- Headwinds are subsiding.
- Pipeline and bidding activity remain strong.
- Good trends in underlying activity levels.
- Strong execution.
- Receipt of large advance payments for certain orders and projects.
Challenges Ahead
- Some delays in bookings and starts.
- Impact of the global pandemic.
- Sporadic air pockets caused by the pandemic.
- Use of incorrect estimates for bidding a fixed-price contract.
- National or regional weakness in construction activity and economic conditions.