Comfort Systems USA, Inc. (NYSE:FIX) Q3 2023 Earnings Call Transcript
Comfort Systems USA, Inc. (NYSE:FIX) Q3 2023 Earnings Call Transcript October 27, 2023
Operator: Thank you for standing by, and welcome to the Q3 2023 Comfort Systems USA Earnings Conference Call. [Operator Instructions] Please be advised that today's call is being recorded. I would now like to turn the conference to your host, Julie Shaeff, Chief Accounting Officer. Please go ahead.
Julie Shaeff: Thanks, Valerie. Good morning. Welcome to Comfort Systems USA Third Quarter 2023 Earnings Call. Our comments today as well as our press releases contain forward-looking statements within the meaning of applicable securities laws and regulations. What we will say today is based upon the current plans and expectations of Comfort Systems USA. Those plans and expectations include risks and uncertainties that might cause actual future activities and results of our operations to be materially different from those set forth in our comments. You can read a detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K and Form 10-Q as well as in our press release covering these earnings.
A slide presentation has been provided as a companion to our remarks. The presentation is posted on the Investor Relations section of the company's website found at comfortsystemsusa.com. Joining me on the call today are Brian Lane, President and Chief Executive Officer; Trent McKenna, Chief Operating Officer; and Bill George, Chief Financial Officer. Brian will open our remarks.
Brian Lane: Thanks, Julie. Good morning, everyone, and thank you for joining us on the call today. I am in all of the discipline and execution that our amazing teams continue to demonstrate and build on. They are the true source of our exceptional results this quarter. Our best ever growth earnings and cash flow. We earned $2.93 per share this quarter compared to $1.71 a year ago. Current quarter revenue was $1.4 billion, with same-store growth of 20%. Revenue was higher across our operations and our modular business, in particular, surged while maintaining superb execution for our customers. Service also continues to grow and increase earnings. Thanks in large part, the past and ongoing investments. Our mechanical and electrical operations performed incredibly well.
Our backlog continues to track at unprecedented levels, and our pipeline of additional work is still strong. Backlog is $4.3 billion, $1 billion ahead of last year, and we also booked a sequential increase, even though this is our seasonally most active quarter. Demand is especially robust in our industrial sectors. The unprecedented demand for data, chip and battery and strong trends in other areas like food, pharma and health care continue to give our teams the opportunity to show their expertise and commitment. We are carefully selecting work that has good margins and good working conditions for our valuable workforce. Operating cash flow surged this quarter to over $200 million. As our customers continue to recognize our value and performance, with favorable payment terms and timely payments.
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