Thu, Jul 25, 8:11 PM (44 days ago)
Comfort Systems USA, Inc. reported robust financial performance for the quarter ended June 30, 2024. Revenue surged by 39.6% year-over-year to $1.81 billion, driven by a 29.5% increase in same-store activity and contributions from recent acquisitions. Gross profit improved by 59.5% to $363.6 million, with margins expanding from 17.6% to 20.1%, reflecting better project execution and higher revenues. SG&A expenses rose by 31.6%, but as a percentage of revenue, they decreased from 10.5% to 9.9%, indicating operational leverage. Net income doubled to $134.0 million, equating to $3.75 per share, up from $1.94 per share in the prior-year period. The company maintained a strong liquidity position with $199.4 million in cash and no outstanding borrowings on its $850 million credit facility. Backlog grew by 37.9% year-over-year to $5.77 billion, underscoring strong future revenue visibility. The company remains well-positioned to navigate supply chain challenges and labor cost pressures, anticipating continued solid earnings and cash flow for the remainder of 2024.