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Watsco, Inc., Miami, FL, reported first quarter sales of $291 million, a decline of 23% over 2008. The independent distributor of air conditioning, heating and refrigeration products recorded a loss of $1.2 million for the period, compared to profit of $7.6 million the prior year.
The economic environment continued to take its toll on the seasonally slower first quarter. We are pleased with the continued improvement in sales mix of more energy-efficient and environmentally friendly products in this current market environment, said Albert H. Nahmad, president and CEO. "We anticipate this trend will continue as we move into the replacement season during the summer months."
Sales results were impacted by the economic environment, especially during the seasonally slower first quarter, and include a 22% decrease in the sale of air conditioning equipment, a 26% decrease in other HVAC products and an 18% decrease in the sale of refrigeration products.