Comfort Systems Posts Record Quarter on Data-Center Boom

Overview

• Comfort Systems, which reported first-quarter results on April 23, posted revenue of $2.87 billion with net income of $370.4 million and earnings of $10.51 per share.
• Adjusted EBITDA reached $524 million, topping a $355 million estimate as results also reflected about $43 million of unusual closeout gains that added roughly $1 per share.
• Technology work tied to data centers grew 139% year over year and made up about 56% of sales, underscoring where demand is strongest.
• Backlog climbed to a record $12.45 billion as of March 31, supported by new project awards that rose 24% with Mechanical up 37% and Electrical down 7%.
• Operating cash flow swung to a $388.8 million inflow, reversing a prior-year outflow and giving the contractor more room to fund projects and acquisitions.