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25 July, 2017 00:21 IST
Comfort Systems Usa first-quarter earnings decline by 24.02 percent on a YOY basis
Source: IRIS | 30 Jun, 2017, 06.31PM

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Comfort Systems Usa (FIX) has reported 24.02 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $7.48 million, or $0.20 a share in the quarter, compared with $9.84 million, or $0.26 a share for the same period last year.

Revenue during the quarter went down marginally by 1.39 percent to $380.59 million from $385.94 million in the previous year period. Gross margin for the quarter expanded 91 basis points over the previous year period to 19.96 percent. Total expenses were 96.91 percent of quarterly revenues, up from 95.99 percent for the same period last year. That has resulted in a contraction of 92 basis points in operating margin to 3.09 percent.

Operating income for the quarter was $11.76 million, compared with $15.46 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $18.85 million compared with $21.57 million in the prior year period. At the same time, adjusted EBITDA margin contracted 64 basis points in the quarter to 4.95 percent from 5.59 percent in the last year period.

Brian Lane, Comfort Systems USA’s president and chief executive officer, said, "We are pleased to report good first quarter results, especially given that first quarters are traditionally our seasonally lowest and most variable quarter. Our first quarter results were reduced approximately $0.02 by an impairment of goodwill at one of our operating locations, and an additional $0.02 from acquisition costs and compensation costs associated with leadership changes. Despite these expenses, and despite an increase in overhead from investments in sales and technology, we were able to achieve strong results although somewhat lower than the record first quarter results we achieved in 2016."

Operating cash flow declinesComfort Systems Usa has generated cash of $10.05 million from operating activities during the quarter, down 23.36 percent or $ 3.06 million, when compared with the last year period.

The company has spent $5.10 million cash to meet investing activities during the quarter as against cash outgo of $60.62 million in the last year period.

The company has spent $5.58 million cash to carry out financing activities during the quarter as against cash inflow of $34.58 million in the last year period.

Cash and cash equivalents stood at $31.44 million as on Mar. 31, 2017, down 27.78 percent or $12.10 million from $43.54 million on Mar. 31, 2016.

Working capital decreases marginally
Comfort Systems Usa has witnessed a decline in the working capital over the last year. It stood at $103.41 million as at Mar. 31, 2017, down 4.08 percent or $4.40 million from $107.81 million on Mar. 31, 2016. Current ratio was at 1.35 as on Mar. 31, 2017, up from 1.35 on Mar. 31, 2016.

Days sales outstanding went down to 73 days for the quarter compared with 76 days for the same period last year.

At the same time, days payable outstanding was almost stable at 30 days for the quarter, when compared with the previous year period.

Debt comes down significantlyComfort Systems Usa has recorded a decline in total debt over the last one year. It stood at $2 million as on Mar. 31, 2017, down 96.33 percent or $52.57 million from $54.57 million on Mar. 31, 2016. Total debt was 0.29 percent of total assets as on Mar. 31, 2017, compared with 7.70 percent on Mar. 31, 2016. Debt to equity ratio was at 0.01 as on Mar. 31, 2017, down from 0.16 as on Mar. 31, 2016. Interest coverage ratio improved to 31.02 for the quarter from 22.08 for the same period last year.   Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



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