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Dec 31, 2020
Comfort Systems USA Q4 2020 Earnings Report
Reported increased net income and EPS despite a slight decrease in revenue.
Key Takeaways
Comfort Systems USA reported strong Q4 2020 results, with net income increasing to $42.8 million and EPS reaching $1.17 per diluted share. Revenue for the quarter was $699.0 million. The company's backlog as of December 31, 2020, was $1.51 billion.
Net income for Q4 2020 was $42.8 million, or $1.17 per diluted share.
Q4 2020 EPS included a $0.18 benefit from changes in value of earnout accruals.
Revenue for Q4 2020 was $699.0 million.
Backlog as of December 31, 2020, was $1.51 billion.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
Comfort Systems USA anticipates that full-year 2021 results are likely to be similar to, but somewhat lower than, the record results achieved in 2020. The company expects good overall trends, especially in its industrial, technology, and manufacturing markets, and feels that it is geographically concentrated in markets with comparatively strong prospects.
Positive Outlook
- Anticipate good overall trends in 2021.
- Expect strength in industrial, technology and manufacturing markets.
- Geographically concentrated in markets with comparatively strong prospects.
- Confident in achieving solid profitability and cash flow during the coming year.
- Foresee that service operations will enter 2021 with pre-pandemic volumes and profitability.
Challenges Ahead
- Full-year 2021 results are likely to be somewhat lower than the record results achieved in 2020.
- Expect sporadic air pockets resulting from delays in project bookings and starts.
- Backlog continues to reflect some delays in bookings.
- Likely to result in modest headwinds in same-store revenue in 2021, particularly during the first half of the year.
- Continue to expect sporadic air pockets resulting from delays in project bookings and starts.