Miami-based HVACR distributor Watsco Inc. reported 34% sales growth to a record $1.52 billion for the first three months of 2022.
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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.
Year-to-date sales grow 5.5% from same period in 2019 as company posts profit growth for both the quarter and the first nine months of 2020.
But year-to-date sales grow 2.6% from same period in 2019 as company posts “record, double-digit sales and profit growth rates in June,” according to Watsco's CEO.
Peirce-Phelps will operate as a separate business of Carrier Enterprise, a joint venture between Watsco and Carrier Corp.
The company reported a profit increase of 3.5% for the quarter.
Year-to-date sales up 5.2 percent year-over-year.
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For the first nine months, sales were up 2.1 percent year-over-year.
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