Comfort Systems USA, a leading national mechanical, electrical, and plumbing (MEP) installation and service provider, released its financial performance for the third quarter of 2024. The company reported a significant increase in revenue, with a year-to-date revenue of $5.16 billion, compared to $3.85 billion for the same period in 2023. The gross profit for the year-to-date 2024 was reported at $1.04 billion.
The breakdown of revenue for 2024 shows that the Technology sector accounted for 32%, followed by Manufacturing at 28%, and Education at 10%. The Construction backlog also saw a substantial increase, reaching $5.68 billion for the third quarter of 2024, compared to $4.06 billion for the same period in 2023.
In terms of financial strength, the company reported positive free cash flow for 25 consecutive years, and a debt-to-trailing-twelve-months (TTM) EBITDA ratio of 0.09. Additionally, the company had $415.6 million in cash and total debt of $68.4 million as of September 30, 2024.
The company's recent financial performance also showed growth, with net income reaching $376.6 million for the nine months ended September 30, 2024, compared to $231.8 million for the same period in 2023. Adjusted earnings per share (EPS) also increased to $10.52 for the same period, up from $6.46 in 2023.
Comfort Systems USA highlighted its commitment to sustainability, with initiatives focusing on employee health and safety, sustainable procurement policies, and efforts to positively impact the environment through its services. The company achieved a Bronze EcoVadis Sustainability Rating in 2023 and completed a Greenhouse Gas ("GHG") Inventory covering all relevant emissions across its operations.
In terms of innovation, the company has made investments in advanced Building Information Modeling (BIM) technologies and modular construction. It also aims to pilot emerging technologies and form partnerships with industry-leading tech firms in the future.
Comfort Systems USA also prides itself on its values, which include being safe, honest, respectful, innovative, and collaborative. The company has emphasized the importance of fostering a safe, collaborative, and inclusive environment for its employees.
As a result of these announcements, the company's shares have moved 0.3% on the market, and are now trading at a price of $392.31. For more information, read the company's full 8-K submission here.
