Comfort Systems USA Inc (FIX) Reports Q3 2023 Earnings
Comfort Systems USA Inc (NYSE:FIX) reported a net income of $105.1 million for Q3 2023, a significant increase from $61.5 million in Q3 2022.
Revenue for Q3 2023 was $1,378.1 million, up from $1,120.0 million in the same period last year.
The company's operating cash flow also increased to $214.2 million in Q3 2023, compared to $61.2 million in Q3 2022.
Backlog as of September 30, 2023, was $4.29 billion, up from $3.25 billion as of September 30, 2022.
Comfort Systems USA Inc (NYSE:FIX) released its earnings report for the third quarter ended September 30, 2023, on October 26, 2023. The company reported a net income of $105.1 million, or $2.93 per diluted share, a significant increase from $61.5 million, or $1.71 per diluted share, for the same period in 2022. The third quarter of 2023 included a diluted per share net tax gain of $0.19 related to prior years.
Financial Highlights
Revenue for the third quarter of 2023 was $1,378.1 million, up from $1,120.0 million in 2022. The company reported operating cash flow of $214.2 million in the current quarter, a substantial increase from $61.2 million in 2022. The backlog as of September 30, 2023, was $4.29 billion, compared to $4.19 billion as of June 30, 2023, and $3.25 billion as of September 30, 2022. On a same-store basis, backlog increased from $3.25 billion as of September 30, 2022, to $4.12 billion as of September 30, 2023.
Company's Performance and Outlook
Brian Lane, Comfort Systems USAs President and Chief Executive Officer, commented on the company's performance,
Our amazing teams across the country accomplished truly exceptional results this quarter. Their discipline and execution resulted in unprecedented growth, earnings, and cash flow."
He also mentioned that the company expects strong results for the fourth quarter and in 2024 due to persistent demand and confidence in their skilled workers and leaders.
Financial Tables Summary
The company's consolidated statements of operations show a revenue of $1,378,124 for the third quarter of 2023, representing 100.0% of the total, with a cost of services at 79.9%. The net income for the period was $105,125, representing 7.6% of the total. The diluted income per share was $2.93. For the nine months ended September 30, 2023, the company reported a net income of $231,817, or $6.46 per diluted share, compared to $190,523, or $5.28 per diluted share, in 2022.
Balance Sheet and Cash Flow
As of September 30, 2023, the company had cash and cash equivalents of $137,623. The total current assets were $1,812,232, and total assets were $3,140,619. The total liabilities were $1,933,457, and total stockholders equity was $1,207,162. The company's cash flow data shows that operating activities provided $214,241, investing activities used $25,497, and financing activities used $111,128.
Explore the complete 8-K earnings release (here) from Comfort Systems USA Inc for further details.
This article first appeared on GuruFocus.
