The following is a summary of the Comfort Systems USA, Inc. (FIX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Comfort Systems reported Q1 revenue of $1.5 billion, a 31% increase, with same-store growth of 23%.
Earnings per share was $2.69 compared to $1.59 a year ago.
The gross profit was $297 million, a $92 million improvement from the previous year.
The company's EBITDA was $170 million, a significant growth from $90 million in Q1 2023.
Operating income increased 91% to $135 million from prior year's $71 million.
Dividend was increased by 20% to $0.30 per share.
Net income for Q1 2024 was $96 million, a substantial increase from last year's Q1 income of $57 million.
Business Progress:
Comfort Systems closed two substantial acquisitions in Q1 2024, Summit Industrial and J&S Mechanical, both of which have started well.
Both Mechanical and Electrical businesses showed strong revenue increase of 29% and 37% respectively.
The company plans to increase modular capacity and accelerate their investment in cloud infrastructure.
The company reported a record backlog of $5.9 billion at the end of Q1 2024, a significant increase from the previous year.
Industrial customers accounted for 60% of Q1 total revenue, with technology being 30%, suggesting a substantial business shift.
Despite the increase in service revenue, its contribution to total revenue reduced to 16% due to growth in construction.
More details: Comfort Systems USA IR
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