Shares of Comfort Systems USA reached an all-time high following the release of the company’s fourth-quarter results that exceeded analyst predictions.
Record Growth
The stock surged by 18% to hit a record peak of $292.41 during early trading, marking a remarkable increase of over a third from the beginning of the year.
Strong Performance
The provider of mechanical and electrical contracting services reported a profit of $91.6 million, or $2.55 per share, compared to $55.4 million, or $1.54 per share, in the same quarter of the previous year.
Analyst Insights
Analysts surveyed by FactSet had anticipated earnings of $2.21 per share, making the actual results even more impressive. Revenue also witnessed a significant rise to $1.36 billion from $1.12 billion in the year-ago quarter, exceeding analyst estimates of $1.33 billion.
Enhanced Backlog
By the end of 2023, the company boasted a backlog of $5.16 billion, a notable 20% increase from the prior quarter and 27% from the end of 2022. Expectations were surpassed, as two analysts surveyed by FactSet had predicted a backlog of only $4.35 billion.
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