Summary
Comfort Systems USA, Inc. (FIX) reported strong financial performance for the fiscal year ending December 31, 2023, with significant revenue growth and improved profitability. The company's strategic focus on core competencies, operational efficiencies, and employee investment has contributed to its success. Acquisitions also played a role in expanding the company's reach and service offerings. The company is well-positioned for continued growth, with a robust backlog and a positive outlook for 2024, driven by demand in key sectors like technology and manufacturing. Comfort Systems USA continues to prioritize safety, customer service, and sustainable building practices, reinforcing its commitment to its "Build Legacies" purpose. The company also maintains a strong liquidity position and a healthy balance sheet, underscoring its financial stability and capacity for future investments and shareholder returns.
Financial Highlights
52 data points| Revenue | $5.21B |
| Cost of Revenue | $4.22B |
| Gross Profit | $990.51M |
| SG&A Expenses | $574.42M |
| Operating Income | $418.39M |
| Interest Expense | $10.28M |
| Net Income | $323.40M |
| EPS (Basic) | $9.03 |
| EPS (Diluted) | $9.01 |
| Shares Outstanding (Basic) | 35.80M |
| Shares Outstanding (Diluted) | 35.90M |
Key Highlights
- 1Revenue increased by 25.8% year-over-year to $5.21 billion in 2023.
- 2Gross profit margin improved to 19.0% in 2023 from 17.9% in 2022.
- 3Operating income more than doubled year-over-year, reaching $418.4 million.
- 4Net income grew by 31.4% to $323.4 million.
- 5Backlog at year-end 2023 increased by 26.9% to $5.16 billion.
- 6The company repurchased 0.1 million shares for approximately $21.3 million during 2023.
- 7Acquisitions of Eldeco, Inc. and DECCO, Inc. were completed in 2023, contributing to growth.