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Dec 31, 2021
Comfort Systems USA Q4 2021 Earnings Report
Comfort Systems USA reported strong Q4 2021 results with increased revenue and backlog.
Key Takeaways
Comfort Systems USA reported a strong finish to 2021, with excellent execution across segments and an unprecedented increase in backlog. Net income for the quarter was $37.6 million, or $1.04 per diluted share, compared to $42.8 million, or $1.17 per diluted share, for the same quarter in 2020. Revenue for the fourth quarter of 2021 was $856.1 million compared to $699.0 million in 2020.
Revenue for Q4 2021 was $856.1 million, an increase from $699.0 million in Q4 2020.
Net income for Q4 2021 was $37.6 million, or $1.04 per diluted share.
Backlog as of December 31, 2021, reached $2.31 billion.
Operating cash flow for the quarter was $27.5 million.
Forward Guidance
The Company expects that the first quarter of 2022 will have an incremental benefit of approximately $30 million in after tax net income, or approximately $0.80 per diluted share. The Company also expects to report an additional benefit in the first quarter of 2022 of approximately $22 million for the 2019, 2020 and 2021 tax years, or approximately $0.60 per diluted share, relating to changes in estimates arising from the settlements and, considering these developments, the Company expects that its effective tax rate will be approximately 4% - 5% lower in 2022 and future years.
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