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Watsco, Inc. (NYSE:WSO), Coconut Grove, FL, reported sales for the first quarter ended March 31, 2010, were $510 million, reflecting $226 million of sales added by Carrier Enterprise. Same-store sales fell 3 percent, reflecting 5 percent growth in sales of air conditioning and heating equipment (46 percent of sales), an 11 percent decrease in other HVAC products (41 percent of sales) and a 1 percent decrease in the sale of refrigeration products (13 percent of sales).
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Watsco reported that sales of HVAC equipment benefited from an improved sales mix of higher-efficiency air conditioning and heating systems, which grew 63% during the period.
Carrier Enterprise, a joint venture formed on July 1, 2009 with Carrier Corp., added 95 locations to the Watsco network. Watsco owns 60 percent of Carrier Enterprise and Carrier owns 40 percent.
Watsco operates 507 locations in 36 states, Puerto Rico, Latin America and the Caribbean. Watsco's pro forma revenues for 2009 were $2.6 billion.
Revenues of the new Carrier Enterprise locations during the quarter were flat on a pro forma basis in comparison to last year (under Carrier's ownership), reflecting sales growth in residential equipment and non-equipment products and a sales decline in commercial products.
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