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Miami-based HVACR distributor Watsco Inc. (NYSE:WSO)(Paris: WSO), No. 2 on MDM's list of the top HVACR/Plumbing distributors, reported sales for 2012 were up 15 percent to $3.4 billion. Sales were up 4 percent on a same-store basis, reflecting a 5 percent increase in sales of HVAC equipment (63 percent of sales), a 2 percent decline in sales of other HVAC products (33 percent of sales) and a 21 percent increase in sales of commercial refrigeration products (4 percent of sales).
Profit for the year was $103 million, up 14 percent.
“We continued our expansion into international markets, which now account for 16 percent of sales, and we believe represent an important source of growth for Watsco in the future,” said Albert Nahmad, CEO. “Domestically, we generated sales growth and gained market share in both residential and commercial HVAC equipment markets and began to see a lift in sales of HVAC supplies as residential new construction is emerging in our markets."
Fourth-quarter sales for the period ended Dec. 31, 2012, were up 19 percent to $766 million. Sales in the fourth quarter were up 7 percent on a same-store basis, reflecting a 5 percent increase in sales of HVAC equipment (62 percent of sales), a 6 percent increase in sales of other HVAC products (33 percent of sales) and a 31 percent increase in sales of commercial refrigeration products (5 percent of sales).
Profit for the quarter was $15 million, up 10 percent.
Nahmad said: "The sales growth rate for residential HVAC systems improved during the fourth quarter and revenues for complimentary HVAC supplies were up strong double-digits. We are seeing this momentum continue during the early part of 2013, and although it is a bit premature to make a solid prediction on growth rates for the year, we believe recent trends are positive in terms of a recovery of the residential HVAC market."