Comfort Systems USA Q4 2019 Earnings Report
Key Takeaways
Comfort Systems USA reported a strong finish to 2019, with net income for the quarter ended December 31, 2019, reaching $34.1 million, or $0.92 per diluted share, compared to $25.2 million, or $0.67 per diluted share, for the same quarter in 2018. Revenue for the quarter increased to $719.6 million from $588.4 million in the previous year. The company's backlog showed substantial increases, and the Walker Engineering acquisition contributed an impressive fourth-quarter performance.
Net income for Q4 2019 was $34.1 million, or $0.92 per diluted share, compared to $25.2 million, or $0.67 per diluted share, for Q4 2018.
Q4 2019 earnings included an approximate $0.08 per diluted share benefit from insurance proceeds related to a ransomware incident.
Revenue for Q4 2019 was $719.6 million, up from $588.4 million in 2018.
Backlog as of December 31, 2019, was $1.60 billion, with same-store backlog increasing to $1.36 billion.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
The company anticipates continued strength and strong profitability in 2020, driven by high levels of industry trends.
Positive Outlook
- The outlook for the industry continues to trend at high levels.
- Continued strength is expected in 2020.
- Strong profitability is expected in 2020.