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Mar 31, 2024
Comfort Systems USA Q1 2024 Earnings Report
Comfort Systems USA's first quarter results were reported, demonstrating significant growth in revenue, net income, and backlog.
Key Takeaways
Comfort Systems USA reported extraordinary first quarter results, with earnings per share exceeding the same quarter last year by more than a dollar. The company saw increased backlog and strong cash flow, with improved mechanical business and unprecedented electrical segment profitability. Construction and service sectors flourished, supported by sustained demand, leading to optimism for continued strong performance in 2024.
Net income increased to $96.3 million, or $2.69 per diluted share, compared to $57.2 million, or $1.59 per diluted share, in the same quarter of the previous year.
Revenue rose to $1,537.0 million, up from $1,174.6 million in the first quarter of 2023.
Operating cash flow reached $146.6 million, compared to $126.9 million in the previous year.
Backlog as of March 31, 2024, was reported at $5.91 billion, an increase from $4.44 billion as of March 31, 2023.
Forward Guidance
Company is optimistic that they will continue to achieve strong results in 2024.
Positive Outlook
- Expert and dedicated employees achieved superb execution for customers
- Newly acquired companies are off to a great start
- Per share earnings more than a dollar above the same quarter last year
- Increased backlog
- Over $140 million in cash flow
Challenges Ahead
- The use of incorrect estimates for bidding a fixed-price contract
- Undertaking contractual commitments that exceed the Company’s labor resources
- Failing to perform contractual obligations efficiently enough to maintain profitability
- National or regional weakness in construction activity and economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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