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The sales increase reflects 3 percent growth in sales of air conditioning and heating (HVAC) equipment (56 percent of sales), 4 percent growth in other HVAC products (36 percent of sales) and 20 percent growth in the sale of refrigeration products (8 percent of sales).
The first quarter of each calendar year is the seasonal low point for sales and profits due to the magnitude of the replacement market for air conditioning, heating and refrigeration systems during the second and third quarters of each calendar year.
CEO Albert Nahmad said: "We are encouraged that our basic fundamentals – continued acceptance of higher-efficiency HVAC systems in both residential and commercial markets, an obsessive desire to gain market share, ever-improving operating efficiency and strategic use of our balance sheet to grow our business – should produce a record year of performance in 2011," said Albert H. Nahmad, president and CEO.
During the first quarter, Watsco executed a definitive agreement with Carrier Corp. to form a joint venture that will include Carrier Corp.'s company-operated HVAC distribution network in the northeast United States. That network had revenues of $210 million in 2010, with 230 employees serving 11 states from 28 locations.
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