Comfort Systems USA Reports Third Quarter 2017 Results
HOUSTON--(BUSINESS WIRE)--Oct. 26, 2017-- Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of mechanical services including heating, ventilation, air conditioning, plumbing, piping and controls, today announced net income of $22.3 million or $0.59 per diluted share, for the quarter ended September 30, 2017, as compared to $20.5 million or $0.54 per diluted share, for the quarter ended September 30, 2016. The Company reported revenue of $480.9 million in the current quarter, as compared to $428.8 million in 2016. The Company reported free cash flow of $39.5 million in the current quarter, as compared to $7.3 million in 2016. Backlog as of September 30, 2017 was $901.2 million as compared to $937.8 million as of June 30, 2017 and $719.3 million as of September 30, 2016.
Brian Lane, Comfort Systems USA’s President and Chief Executive Officer, said, “We are pleased to report third quarter results marked by strong earnings and cash flow performance. Margins continued to benefit from solid field execution, and we are reporting the highest third quarter cash flow in our history.”
The Company reported net income of $47.7 million or $1.27 per diluted share, for the nine months ended September 30, 2017, as compared to $48.0 million or $1.27 per diluted share, in 2016. The Company also reported revenue of $1.33 billion, as compared to $1.24 billion in 2016. Free cash flow for the nine months ended September 30, 2017 was $49.6 million, as compared to $33.3 million in 2016.
Mr. Lane concluded, “Our backlog remains strong, as we finished our busiest quarter at same-store levels much higher than a year ago. We feel that the environment for non-residential construction remains favorable, and our results and strong cash flow give us the confidence to continue our investments in productivity and growth. In light of our strong backlog and the generally supportive environment in our industry, we remain optimistic about the remainder of 2017 and about our prospects for growth and profitability in 2018.”
Comfort Systems USA Reports Third Quarter 2017 Results | Comfort Systems USA
