Comfort Systems USA, Inc. (NYSE:FIX) Q3 2024 Earnings Conference Call October 25, 2024 11:00 AM ET

Company Participants

Julie Shaeff - CAO
Brian Lane - President and CEO
Bill George - CFO

Conference Call Participants

Adam Thalhimer - Thompson Davis
Alex Dwyer - KeyBanc Capital Markets
Julio Romero - Sidoti & Company
Josh Chan - UBS
Brent Thielman - D.A. Davidson

Operator

Good day and thank you for standing by. Welcome to the Third Quarter 2024 Comfort Systems USA Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Julie Shaeff, Chief Accounting Officer. Please go ahead.

Julie Shaeff

Thanks, Michelle. Good morning. Welcome to Comfort Systems USA's third quarter 2024 earnings call. Our comments today as well as our press releases contain forward-looking statements within the meaning of the applicable securities laws and regulations. What we will say today is based upon the current plans and expectations of Comfort Systems USA. Those plans and expectations include risks and uncertainties that might cause actual or future activities and results of our operations to be materially different from those set forth in our comments.

You can read a detailed listing and commentary concerning our specific risk factors in our most recent Form 10-K and Form 10-Q as well as in our press release covering these earnings. A slide presentation is provided as a companion to our remarks and is posted on the Investor Relations section of the Company's website found at comfortsystemsusa.com.

Joining me on the call today are Brian Lane, President and Chief Executive Officer; Trent McKenna, Chief Operating Officer; and Bill George, Chief Financial Officer.

Brian will open our remarks.

Brian Lane

Okay. Thanks, Julie. Good morning, everyone, and thank you for joining our call.

Today, we are reporting record earnings and extraordinary cash flow as our teams continued great execution for our customers. We earned $4.09 per share this quarter, up 40% from last year. Our Electrical segment achieved unprecedented margins and Mechanical margins continued to be strong. Operating income is 50% higher than even our strong third quarter last year.

Backlog continues far above last year as bookings were strong even though we burned through work at a record pace. Same-store quarterly revenue was higher by 18% and revenue was up 23% year-to-date.