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Sep 30, 2024
Comfort Systems USA Q3 2024 Earnings Report
Reported record earnings and cash flow driven by unmatched execution and exceeding expectations from recently acquired companies.
Key Takeaways
Comfort Systems USA reported a strong third quarter with record earnings and cash flow. Revenue increased to $1.81 billion, and net income reached $146.2 million, or $4.09 per diluted share. The backlog remains high, and the company anticipates continued strong results.
Net income for the quarter was $146.2 million, or $4.09 per diluted share, compared to $105.1 million, or $2.93 per diluted share, for the same quarter last year.
Revenue for the third quarter of 2024 reached $1.81 billion, up from $1.38 billion in 2023.
Operating cash flow for the quarter was $302.2 million, compared to $214.2 million in the previous year.
Backlog as of September 30, 2024, was $5.68 billion, compared to $4.29 billion as of September 30, 2023.
Forward Guidance
The company anticipates continued strong results in the fourth quarter and in 2025, leveraging their workforce and strong pipelines.
Positive Outlook
- Same-store revenue higher by 18% on a quarterly basis.
- Same-store revenue higher by 23% year-to-date.
- Entering the fourth quarter, same-store backlog is 21% higher than it was at this time last year.
- Experiencing unprecedented strength in pipelines.
- Confidence in unmatched workforce.
Challenges Ahead
- 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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