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Watsco, Inc., distributor of air conditioning and heating products, reported its revenues grew 14% to $394 million in the first quarter ended March 31, 2006. Net income rose to $13 million compared with $9.1 million in the same period last year.
Same-store growth rates for revenue and gross profit were also 14% for the quarter.
"Watsco is off to a great start with double digit revenue increases and expanding margins. This should be another great year and even more exciting is the potential for long-term growth as we continue to find ways to increase our industry market share from its present 7%,' said Watsco President and CEO Albert H. Nahmad. 'We participate in a very large market with an estimated 120 million single-family homes in the United States, most of which have central air conditioning and heating systems that eventually wear out and must be repaired or replaced.'
Watsco distributes air conditioning, heating and refrigeration equipment and related parts and supplies in the distribution segment of the HVAC industry, currently operating 357 locations serving more than 38,000 customers in 31 states.
For more details on Watsco's first quarter earnings, click here.