The HVACR distribution giant also detailed its ongoing technology transformation.
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Watsco's 2023 follows two years of record-setting performances and faces softer comparative market conditions.
For 3Q 2023, the company also reported a 9% increase in operating income to a record $257 million.
Gateway has annual sales of approximately $180 million and serves approximately 4,000 customers from 15 locations.
Watsco's second-quarter sales were impacted by a wide-ranging regulatory requirement that took effect on Jan. 1.
The company reported a 2% increase in sales over the same quarter in 2022 to a 'record' $1.55 billion.
Watsco's impressive fourth quarter followed a record-breaking third quarter.
Mike Hockett analyzes the noticeably different levels of optimism in the commentary given by industrial distributors Fastenal and Motion in their third-quarter earnings calls.
The companies reported strong third-quarter figures, with Watsco and Pool Corp breaking sales records and Snap-On topping $1.1 billion.
Watsco reported a profit margin of 27.9% from their sales of $2.13 billion compared to last year’s $1.85 billion.
Miami-based HVACR distributor Watsco Inc. reported 34% sales growth to a record $1.52 billion for the first three months of 2022.
Watsco reported a 31% jump in EPS to a record $3.62 and a 16% sales growth to $1.78 billion in 3Q 2021.
The HVACR distributor is on the hunt for businesses to buy, and on its latest earnings call, the CEO outlined why the company would be a good partner for anyone looking to sell.
Year-to-date sales grow 26.3% from same period in 2020 as company delivers a “blowout” quarter, said the distributor’s CEO.
Miami-based Watsco has added Acme Refrigeration, whose 2020 revenues were $60 million, to its portfolio.
Watsco's HVAC equipment sales increased 14% in the quarter, other HVAC products increased 11% and commercial refrigeration equipment increased 10%.
Watsco announced in March that it was spending $291 million to add Temperature Equipment Corp. to its portfolio.
Watsco will expand into the Midwest with the addition of a $291 million HVAC distributor.
Miami-based HVACR distribution giant Watsco sees 2021 as optimal for ramping up existing growth drivers in hopes of continuing at its record-setting pace.
For the fourth quarter, sales were up 7.7% from same period in 2019 as company posted profit growth for both the quarter and the full year.