Bitcoin price today: climbs to $111k amid easing trade jitters, cooling inflation
HOUSTON - Comfort Systems USA (NYSE:FIX) shares surged 15.2% after the HVAC and electrical contracting services provider reported third-quarter earnings that more than doubled from a year ago, significantly exceeding analyst expectations.
The company posted third-quarter net income of $291.6 million, or $8.25 per share, compared to $146.2 million, or $4.09 per share, in the same period last year. This handily beat analyst estimates of $6.25 per share. Revenue jumped 35.2% to $2.45 billion, surpassing the consensus forecast of $2.13 billion.
"Our teams across the country continue to set a new standard, delivering excellent results for our customers, and again achieving record financial results," said Brian Lane, Comfort Systems USA’s President and Chief Executive Officer. "Great ongoing execution and favorable developments in certain late-stage projects delivered third quarter EPS that doubles our same quarter last year."
The company reported record quarterly operating cash flow of $553.3 million, up from $302.2 million a year earlier. Backlog reached an all-time high of $9.38 billion as of September 30, representing a 65% increase from $5.68 billion a year ago.
Lane highlighted "unprecedented demand" for the company’s services, noting that despite significant project completion during the quarter, Comfort Systems achieved "a second consecutive same-store backlog increase of more than $1 billion."
The company also announced the acquisition of two electrical companies in Michigan and Florida that are expected to contribute over $200 million in annual revenue and $15-20 million in annual EBITDA.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.