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Investing.com -- Comfort Systems USA, Inc. (NYSE:FIX) reported first-quarter 2025 earnings that significantly exceeded analyst expectations, driving its stock up 10.9% in response. The company’s strong performance was attributed to robust execution and customer relationships.
The heating, ventilation, and air conditioning (HVAC) services provider reported adjusted earnings per share of $4.50, surpassing the analyst estimate of $3.71 by $0.79. Revenue for the quarter came in at $1.83 billion, beating the consensus estimate of $1.75 billion and marking a 18.8% increase YoY from $1.54 billion in the same quarter last year.
Net income for the quarter ended March 31, 2025, was $169.3 million, or $4.75 per diluted share, compared to $96.3 million, or $2.69 per diluted share, in the year-ago period. The company noted that the income tax provision for the first quarter of 2025 includes a benefit of $0.25 per diluted share related to interest income on a prior year tax refund.
Backlog as of March 31, 2025, stood at $6.89 billion, up from $5.99 billion at the end of 2024 and $5.91 billion a year ago. On a same-store basis, backlog increased by $930 million YoY.
Brian Lane, Comfort Systems USA’s President and CEO, stated, "Our amazing teams across the United States continue to achieve world class performance. We are reporting earnings per share that exceed every past quarter, a remarkable accomplishment given that the first quarter is historically our seasonally weakest period."
The company reported operating cash outflows of $88.0 million in the current quarter compared to operating cash inflows of $146.6 million in 2024, which it attributed to substantial payments made to a key customer.
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