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Comfort Systems USA Reports Third Quarter 2013 Results

Stocks in this article: FIX

Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (“HVAC”) services, today announced net income attributable to Comfort Systems USA of $11,379,000 or $0.30 per diluted share, for the quarter ended September 30, 2013, as compared to $5,673,000 or $0.15 per diluted share, for the quarter ended September 30, 2012. Earnings per share for the current quarter includes $0.05 arising from income from prior reporting periods and a change in the fair value of an earn-out liability. The Company reported revenue of $349,989,000 in the current quarter as compared to $335,241,000 in 2012. The Company reported free cash flow of $22,263,000 in the current quarter, as compared to $13,843,000 in 2012. Backlog as of September 30, 2013 was $570,949,000 as compared to $590,276,000 as of June 30, 2013 and $622,847,000 as of September 30, 2012.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, “We are pleased to report third quarter results marked by continued growth in earnings and cash flow. Our margin improvement resulted from solid field execution, an increase in the proportion of our revenues derived from service work, and continued stabilization in pricing.”

The Company reported net income attributable to Comfort Systems USA for the nine months ended September 30, 2013 of $21,673,000 or $0.58 per diluted share as compared to $9,112,000 or $0.24 per diluted share, for the first nine months of 2012. The Company also reported revenue of $1,026,932,000 as compared to $1,015,315,000 for the same period of 2012. Free cash flow for the nine months ended September 30, 2013 was $11,877,000 as compared to negative free cash flow of $5,006,000 in the first nine months of 2012.

Mr. Lane continued, “During 2013 we have benefitted from a more balanced supply and demand environment as activity levels remained consistent and backlog declined somewhat. We attribute the decline in backlog to the changing nature of our project work as we get more of our project revenue from work in existing buildings, and we have experienced a shift from institutional work towards industrial work.”

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