Watsco, Inc., Coconut Grove, FL, reported sales in 2007 of $1.76 billion, including $121 million from locations acquired or opened in the past 12 months. Revenues on a same-store basis fell 7.6%, reflecting a 5% decline in sales of HVAC equipment (45% of sales).
Watsco had a 10% increase in commercial refrigeration product sales and an 11% decline in other HVAC products.
From an end-market point of view, results include growth in the residential replacement market, growth in the commercial market and a decrease in sales to new housing.
Revenues for the fourth quarter increased 4.8% to $398 million, including $52 million from locations opened or acquired during the last 12 months, versus $380 million during the quarter a year ago. Revenues on a same-store basis declined 9%.