Comfort Systems USA Q2 2020 Earnings Report
Key Takeaways
Comfort Systems USA reported a strong second quarter with a 63% increase in earnings compared to the same quarter last year and remarkably strong free cash flow. The company maintained a strong backlog despite a sequential same-store decrease.
Net income was $39.5 million or $1.08 per diluted share, compared to $24.2 million or $0.65 per diluted share for the quarter ended June 30, 2019.
Revenue for the second quarter of 2020 was $743.5 million compared to $650.3 million in 2019.
Operating cash flows were $141.9 million in the current quarter compared to $25.6 million in 2019.
Backlog as of June 30, 2020 was $1.53 billion, compared to $1.50 billion as of June 30, 2019.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
Assuming the pandemic does not materially worsen, the company now expects to achieve full-year 2020 results that are at least comparable to its record results in 2019.