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Home » Watsco Joint Venture Boosts Distributor's 3Q Sales

Watsco Joint Venture Boosts Distributor's 3Q Sales

By    MDM  Staff 
October 27, 2009
More about:  HVAC/Plumbing
Same-store sales fell 15%, with declines across all sales segments for the HVAC/R distributor.
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Watsco, Inc. (NYSE:WSO), Coconut Grove, FL, reported third quarter sales were $742 million, an increase of 56% over third quarter 2008. Same-store sales declined 15%, reflecting declines of 9% in sales of air conditioning and heating equipment, 24% in other HVAC products, and 17% in the sales of refrigeration products.

Profit attributable to the HVAC/R distributor fell 9.4% to $21.1 million.

Third quarter results include Carrier Enterprise, a joint venture formed on July 1, 2009, with Carrier Corp. Carrier contributed $337 million to third quarter sales.

For the first nine months, sales were $1.4 billion, up 5% from the prior year same period. Same store sales declined 19%. Profit for the term was down 36.4% to $36.2 million.

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