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Watsco, Inc. (NYSE:WSO), Coconut Grove, FL, No. 4 on the top 12 HVAC distributors, reported sales for the second quarter were $865 million, an increase of 114 percent over second quarter 2009 including $400 million of sales added by Carrier Enterprise. Same-store sales increased 14 percent, reflecting 25 percent growth in air conditioning and heating equipment (53 percent of sales), a 3 percent increase in other HVAC products (34 percent of sales) and a 5 percent increase in refrigeration products (13 percent of sales).
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Profit was $35 million, versus profit of $16 million a year ago.
For the first six months, sales increased 97 percent to $1.4 billion, including $625 million from Carrier. Same-store sales increased 7 percent, reflecting 17 percent growth in sales of air conditioning and heating equipment (50 percent of sales), a 3 percent decline in other HVAC products (37 percent of sales) and a 3 percent increase in the sale of refrigeration products (13 percent of sales).
"Put simply, this is our best quarter ever. Watsco delivered strong sales and earnings growth, generated substantially higher margins and produced a record amount of cash flow. Sales of higher-efficiency HVAC systems grew 64 percent during the quarter, enhancing sales mix and demonstrating the attractiveness and value of these products," said Albert H. Nahmad, president and CEO.
The move toward higher-efficiency HVAC systems, pent-up demand, and plans for acquisitions are expected to continue driving growth for Watsco.