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Sep 30, 2022
Comfort Systems USA Q3 2022 Earnings Report
Reported increased revenue, earnings, and backlog in Q3 2022.
Key Takeaways
Comfort Systems USA reported a strong third quarter in 2022, with significant increases in revenue, net income, and backlog. Revenue increased to $1,120.0 million, net income reached $61.5 million, and backlog grew to $3.25 billion.
Revenue for the third quarter of 2022 was $1,120.0 million, compared to $833.9 million in 2021.
Net income for the quarter ended September 30, 2022, was $61.5 million, or $1.71 per diluted share.
Operating cash flow was $61.2 million in the current quarter, compared to $42.6 million in 2021.
Backlog as of September 30, 2022, was $3.25 billion, compared to $1.94 billion as of September 30, 2021.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
The company anticipates strong revenue, earnings, and cash flow in the coming quarters, supported by increased bookings, solid bidding and planning activity, and ongoing cost increases in equipment and inputs.
Positive Outlook
- Increased bookings this quarter
- Solid bidding and planning activity
- Same-store revenue growth of over 20%
- Strong revenue anticipated
- Strong earnings anticipated
Challenges Ahead
- Unique challenges faced by employees
- Ongoing cost increases in equipment
- Ongoing cost increases in inputs
- Potential impacts from future acquisitions not included
- Significant risks and uncertainties