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Sep 30, 2023
Comfort Systems USA Q3 2023 Earnings Report
Reported unprecedented growth, earnings, and cash flow, driven by discipline and execution.
Key Takeaways
Comfort Systems USA reported strong Q3 2023 results with significant growth in revenue, net income, and operating cash flow. Revenue increased to $1,378.1 million, net income rose to $105.1 million, and operating cash flow surged to $214.2 million. The company's backlog also increased, indicating a strong pipeline of future work.
Revenue for the third quarter of 2023 was $1,378.1 million, up from $1,120.0 million in 2022.
Net income for the quarter ended September 30, 2023, was $105.1 million, or $2.93 per diluted share, compared to $61.5 million, or $1.71 per diluted share, for the same quarter in 2022.
Operating cash flow for the quarter was $214.2 million, significantly higher than the $61.2 million reported in 2022.
Backlog as of September 30, 2023, reached $4.29 billion, compared to $3.25 billion as of September 30, 2022.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
The company expects strong results for the fourth quarter and in 2024, driven by persistent demand and confidence in its skilled workers and leaders.
Positive Outlook
- Persistent demand
- Confidence in skilled workers
- Confidence in leaders
- Expectation of strong Q4 results
- Expectation of strong 2024 results