Comfort Systems USA Q4 2023 Earnings Report
Key Takeaways
Comfort Systems USA reported a strong fourth quarter in 2023, marked by significant growth in revenue and earnings. Net income rose to $91.6 million, or $2.55 per diluted share, compared to $55.4 million, or $1.54 per diluted share, in the same quarter of the previous year. Revenue increased to $1,357.6 million from $1,117.2 million in 2022, and operating cash flow increased to $173.0 million.
Net income for Q4 2023 was $91.6 million, or $2.55 per diluted share, up from $55.4 million, or $1.54 per diluted share, in Q4 2022.
Revenue for Q4 2023 increased to $1,357.6 million compared to $1,117.2 million in the previous year.
Operating cash flow for the quarter was $173.0 million, up from $132.0 million in 2022.
Backlog as of December 31, 2023, reached $5.16 billion, compared to $4.06 billion as of December 31, 2022.
Comfort Systems USA
Comfort Systems USA
Forward Guidance
Comfort Systems USA is optimistic about continued growth and maintaining strong operational results in 2024, supported by underlying demand and recent acquisitions.
Positive Outlook
- Underlying demand remains very supportive.
- Two new companies joined Comfort Systems USA at the beginning of February.
- Optimistic about continued growth.
- Expect to maintain strong operational results.
- Backlog is up 27% from last year.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Incorrect estimates for bidding a fixed-price contract.
- National or regional weakness in construction activity and economic conditions.
- Shortages of labor and specialty building materials or material increases to the cost thereof.
- The Company’s business being negatively affected by health crises or outbreaks of disease, such as epidemics or pandemics (and related impacts, such as supply chain disruptions).