HOUSTON—Franklin Myers, Chairman of the Board at Comfort Systems USA Inc . (NYSE:FIX), has sold 12,000 shares of the company’s common stock. The shares were sold at an average price of $390.18, totaling approximately $4.68 million. Following this transaction, Myers retains ownership of 106,498 shares in the company. The average price per share was noted as a representative figure, with detailed information on the transaction available through the company's Office of the General Counsel.
In other recent news, Comfort Systems USA reported record third-quarter earnings of $4.09 per share, a significant 40% increase from the previous year. The company's electrical segment experienced robust margins, leading to a 50% increase in operating income and an 18% rise in same-store revenue for the quarter. The backlog of orders also saw a substantial growth, increasing by 32% to $5.7 billion year-over-year.
Comfort Systems USA has raised its quarterly dividend by $0.05, bringing it to $0.35 per share. The company anticipates a continued strong performance into the fourth quarter and into 2025, driven by high demand in industrial and institutional markets, and ongoing investments in modular construction and advanced technology.
Analysts noted a slight decline in the manufacturing sector compared to last year but expect strong demand in sectors such as chip fabrication and data centers to sustain growth. The company's executives also expressed confidence in the ongoing demand for data center infrastructure, particularly liquid cooling systems for new AI data centers. These are the recent developments in the company's performance and outlook.
InvestingPro Insights
The recent sale of shares by Comfort Systems USA Inc.'s (NYSE:FIX) Chairman Franklin Myers comes at a time when the company is experiencing significant growth and market appreciation. According to InvestingPro data, FIX has seen a remarkable 115.37% price total return over the past year, with a 90.19% return year-to-date. This strong performance is reflected in the company's current market capitalization of $13.9 billion.
InvestingPro Tips highlight that Comfort Systems USA has raised its dividend for 12 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the company's impressive revenue growth of 31.23% over the last twelve months, reaching $6.52 billion. The company's profitability is also robust, with a gross profit margin of 20.39% and an operating income margin of 9.93%.
Despite the recent insider sale, FIX's financial health appears strong. An InvestingPro Tip indicates that the company holds more cash than debt on its balance sheet, which could provide financial flexibility for future growth initiatives or to weather potential economic uncertainties.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Comfort Systems USA, providing deeper insights into the company's financial position and market performance.
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