Been buying this one lately and they delivered:
**Comfort Systems USA, Inc. (NYSE: FIX)** (the "Company") today reported results for the quarter ended March 31, 2025.
For the quarter ended March 31, 2025, net income was $169.3 million, or $4.75 per diluted share, as compared to $96.3 million, or $2.69 per diluted share, for the quarter ended March 31, 2024. The income tax provision for the first quarter of 2025 includes a benefit of $0.25 per diluted share related to interest income on a prior year tax refund that was received in April 2025. Revenue for the first quarter of 2025 was $1.83 billion compared to $1.54 billion in 2024. The Company reported operating cash outflows of $88.0 million in the current quarter compared to operating cash inflows of $146.6 million in 2024.
Backlog as of March 31, 2025 was $6.89 billion as compared to $5.99 billion as of December 31, 2024 and $5.91 billion as of March 31, 2024. On a same-store basis, backlog increased from $5.91 billion as of March 31, 2024 to $6.84 billion as of March 31, 2025.
Brian Lane, Comfort Systems USA’s President and Chief Executive Officer, said, "Our amazing teams across the United States continue to achieve world class performance. We are reporting earnings per share that exceed every past quarter, a remarkable accomplishment given that the first quarter is historically our seasonally weakest period. These results reflect a promising start to 2025. Per share earnings in the first quarter of 2025 was $4.75, more than 75% higher than the spectacular results we achieved in the first quarter of 2024. During the first quarter, we also made substantial payments to a key customer resulting in a long-expected normalization of our working capital."
Mr. Lane continued, "Our backlog grew significantly as we reported over $800 million in sequential same-store backlog growth. We believe that our strong earnings, significant backlog increase, and strong project pipelines indicate continued strength in our execution, customer relationships, and prospects. Considering fast moving economic developments, we are preparing for a wide range of conditions; however, we continue to expect strong earnings and cash in 2025, and our booked work and pipelines make us optimistic for continuing success into 2026."
The Company will host a webcast and conference call to discuss its financial results and position on Friday, April 25, 2025 at 10:00 a.m. Central Time. To register for the call, please visit [https://register-conf.media-server.com/register/BI0ff263139e6e4bb4952c90f19e1c0322](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fregister-conf.media-server.com%2Fregister%2FBI0ff263139e6e4bb4952c90f19e1c0322&esheet=54243353&newsitemid=20250424865561&lan=en-US&anchor=https%3A%2F%2Fregister-conf.media-server.com%2Fregister%2FBI0ff263139e6e4bb4952c90f19e1c0322&index=1&md5=daa150829fb5a553e59d334f96d67cb5).