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Mar 31, 2023
Comfort Systems USA Q1 2023 Earnings Report
Reported remarkable increases in revenue and earnings per share for Q1 2023, with strong performance in mechanical operations and improving profitability in the electrical segment. Cash flow was unusually strong, and backlog increased, reflecting good ongoing demand.
Key Takeaways
Comfort Systems USA reported a strong start to 2023 with significant increases in revenue and earnings per share. Net income was $57.2 million, or $1.59 per diluted share, compared to $86.8 million, or $2.40 per diluted share, for the same quarter in the previous year. Revenue increased to $1,174.6 million from $885.2 million in 2022. The company's backlog and operating cash flow also saw substantial growth.
Revenue increased significantly to $1,174.6 million compared to $885.2 million in the same quarter last year.
Net income was $57.2 million, or $1.59 per diluted share.
Operating cash flow increased to $126.9 million from $63.7 million in the previous year.
Backlog reached $4.44 billion, up from $2.73 billion year-over-year.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
Company remains optimistic about continued growth and strong profitability in 2023, due to the excellence of our teams across the country continue to execute and in light of the strong ongoing demand that we are experiencing