Comfort Systems USA (FIX) FY2014 results: revenue $1.4 billion, up 3.9% on the year
Comfort Systems USA Inc. (FIX) reported revenue of $1.4 billion for fiscal 2014, the year ended 31 December 2014, up 3.9% on the year before. Net income was $23 million, down 15.4%, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$1.4 billion
+3.9% on the year
FY2009FY2014
Operating margin
3.0%
3.4% a year earlier
FY2009FY2014
Net income
$23 million
-15.4% on the year
FY2009FY2014
Diluted EPS
$0.61
-16.4% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,411
1,357
1,331
+3.9%
Cost of revenue
1,161
1,117
1,124
+3.9%
Gross profit
250
240
208
+4.1%
Gross margin
17.7%
17.7%
15.6%
Selling, general and administrative
208
194
186
+6.9%
Operating income
42.2
46.3
22.3
-8.7%
Operating margin
3.0%
3.4%
1.7%
Interest expense
1.9
1.4
1.6
+37.5%
Pre-tax income
40.2
46.8
21.5
-14.0%
Income tax
11.6
18.1
10.0
-36.0%
Effective tax rate
28.9%
38.8%
46.6%
Net income
23.1
27.3
13.5
-15.4%
Net margin
1.6%
2.0%
1.0%
Diluted EPS
$0.61
$0.73
$0.36
-16.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
42.6
38.4
30.5
+10.7%
Capital expenditure
19.2
17.4
11.8
+10.2%
Free cash flow
23.4
21.0
18.7
+11.2%
Free cash flow margin
1.7%
1.5%
1.4%
Cash from investing
-74.1
-16.3
-23.2
Cash from financing
11.6
-10.9
-17.8
Depreciation and amortisation
21.3
18.6
20.6
+14.9%
Share-based compensation
4.8
4.0
2.8
+20.9%
Buybacks
8.0
1.8
2.9
+335.3%
Dividends paid
8.4
7.9
7.5
+7.2%
Dividend per share
$0.23
$0.21
$0.20
+7.1%
Diluted shares, weighted
38m
38m
37m
+0.7%
Shares outstanding at period end
37m
38m
n/a
-0.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
306
296
270
+3.5%
Non-controlling interest
15.1
18.2
16.9
-16.9%
Debt
40.3
2.0
7.4
+1,917.3%
Other liabilities
294
286
286
+2.9%
Total liabilities and equity
656
602
581
+9.0%
Fixed assets
55.8
46.9
41.4
+19.0%
Goodwill
140
115
115
+22.5%
Intangible assets
45.7
37.4
44.5
+22.2%
Cash and equivalents
32.1
52.1
40.8
-38.4%
Receivables
304
267
257
+13.5%
Inventory
8.6
8.4
9.6
+2.6%
Other assets
69.9
75.0
72.9
-6.9%
Total assets
656
602
581
+9.0%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.