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Comfort Systems Usa Inc (FIX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Comfort Systems Usa Inc

CIK: 1035983 Ticker: FIX

Exhibit 99.1

 

Picture 1

 

CONTACT:

William George

675 Bering Drive, Suite 400

 

Chief Financial Officer

Houston, Texas 77057

 

713-830-9650

713-830-9600

 

FOR IMMEDIATE RELEASE

 

COMFORT SYSTEMS USA REPORTS THIRD QUARTER 2018 RESULTS

 

Houston, TX — October 25, 2018 — 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 $38.5 million or $1.02 per diluted share, for the quarter ended September 30, 2018, as compared to $22.3 million or $0.59 per diluted share, for the quarter ended September 30, 2017.   The Company reported revenue of $594.5 million in the current quarter, as compared to $480.9 million in 2017.  The Company reported free cash flow of $23.0 million in the current quarter, as compared to $39.5 million in 2017.  Backlog as of September 30, 2018 was $1.25  billion as compared to $1.23  billion as of June 30, 2018 and $901.2 million as of September 30, 2017.

 

Brian Lane, Comfort Systems USA’s President and Chief Executive Officer, said, “Thanks to superb execution and commitment by our field teams, we are happy to report our best ever quarterly results.  These strong earnings are accompanied by extraordinary same-store revenue growth, strong cash flow, and a record year-over-year increase in same-store backlog.”

 

The Company reported net income of $87.7 million or $2.33 per diluted share, for the nine months ended September 30, 2018, as compared to $47.7 million or $1.27 per diluted share, in 2017.  Earnings in the first quarter of 2018 included a $0.07 per diluted share increase due to a discrete tax item.  Earnings in the second quarter of 2018 included an $0.08 per diluted share benefit from a legal settlement.  The Company also reported revenue of $1.59  billion, as compared to $1.33 billion in 2017.  Free cash flow for the nine months ended September 30, 2018 was $47.0 million, as compared to $49.6 million in 2017. 

 

Mr. Lane concluded, “Our pre-tax operating income for the first nine months of 2018 significantly exceeds last year’s record-setting full-year pre-tax operating income.  We are optimistic about the fourth quarter and about our 2019 prospects, and we believe that our recent and ongoing investments have positioned us to continue to capitalize on the continuing market strength in the majority of our markets.”

 

The Company will host a webcast and conference call to discuss its financial results and position on Friday,  October 26, 2018 at 10:00 a.m. Central Time.  The call-in number for this conference call is 1-866-318-8620 and enter 99721804 as the passcode.  The call and the slide presentation to accompany the remarks can be accessed on the Company’s website at www.comfortsystemsusa.com under the Investor tab.  A replay of the entire call will be available on the Company’s website on the next business day following the call.

 

Comfort Systems USA® is a premier provider of business solutions addressing workplace comfort, with 127 locations in 113 cities around the nation.  For more information, visit the Company’s website at www.comfortsystemsusa.com.

 

Certain statements and information in this press release may constitute forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. and its subsidiaries (collectively, the “Company”) concerning future developments and their effect on the Company. While the Company’s management believes that these forward-looking statements are reasonable as and


The following information was filed by Comfort Systems Usa Inc (FIX) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Comfort Systems Usa Inc provided additional information to their SEC Filing as exhibits

Ticker: FIX
CIK: 1035983
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007887
Submitted to the SEC: Thu Oct 25 2018 4:29:43 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Electrical Work

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