Sales increases were broad-based across all product categories for the HVAC distributor.
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New joint venture will distribute Carrier, Bryant and Payne brand products in the northeast U.S.
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Watsco revenues boosted by sales of higher-efficiency HVAC products and replacement market.
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Profit for the HVAC distributor increased 49 percent.
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The HVAC distributor says it will continue to zone in on the Sun Belt.
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Sales from Carrier Enterprise joint venture drive growth for the HVAC distributor.
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With Carrier Enterprise, Watsco sales grew to $510 million for the quarter, up 75%.
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Watsco’s East Coast Metal Distributors picks up The Bill Voorhees Company.
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Carrier Enterprise, a joint venture between Watsco and Carrier, contributed sales of $588 million for the year.
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Watsco, Inc., Coconut Grove, FL, an independent distributor of air conditioning, heating and refrigeration products, reported sales for the second quarter 2009 were $405 million, down 21% from second quarter 2008. Profit declined 37.5% to $16.3 million.
For the first six months, sales were $696 million, a 22% decline over 2008. Profit decreased 55.2% to $15.1 million.
Lower demand due to economic conditions, new housing declines and a late start to the cooling season offset gains from a richer mix of high-efficiency air conditioning systems.
"We are pleased to see the continued trend toward high-efficiency and environmentally-friendly air conditioning systems, especially in this current economic backdrop," said Albert H. Nahmad, president and CEO. "We experienced higher unit …
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HVAC distributor Watsco Inc. and air conditioning product manufacturer Carrier Corp., a unit of United Technologies Corp., are moving forward with their plans to form a joint venture that will distribute Carrier, Bryant and Payne products throughout the U.S. Sunbelt, Latin America and the Caribbean.
The U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 related to the joint venture.
When it closes, the deal will nearly double Watsco’s sales. Watsco is a distributor of air conditioning, heating and refrigeration equipment, parts and supplies in the HVAC/R industry, operating 412 locations serving 40,000 customers in 34 states.
Watsco and Carrier’s …
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HVAC distributor Watsco Inc. and manufacturer Carrier Corp., a unit of United Technologies Corp., are moving forward with their plans to form a joint venture that will distribute Carrier, Bryant and Payne products throughout the U.S. Sunbelt, Latin America and the Caribbean.
The U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 related to the joint venture.
Watsco and Carrier’s joint venture will be named Carrier Enterprises LLC. The venture will operate 110 locations in 20 states and Puerto Rico, the Caribbean and Latin America and serve more than 19,000 air conditioning and heating contractors.
Carrier will contribute 95 locations in the U.S. Sunbelt and …
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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 …
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Watsco Inc., Coconut Grove, FL, distributor of air conditioning, heating and refrigeration products, reported sales for the year ended Dec. 31, 2008, were $1.7 billion, a 3% decrease from last year.
On a same-store basis, sales were down 10%, reflecting a 10% decline in sales of HVAC equipment (44% of sales), an 11% decline in sales in other HVAC products (43% of sales) and a 5% decline in sales of commercial refrigeration products (13% of sales).
Sales results also reflect an improving revenue mix of high-efficiency and environmentally-sensitive air conditioning and heating systems. From an end-market point of view, results include flat sales to the residential replacement market, a single-digit decline in the commercial market and a sharp decrease in sales to …
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HVAC distributor Watsco Inc., Coconut Grove, FL, sales in the third quarter were $475 million, down 12% on a same-store basis. Sales results include higher pricing and an improved sales mix of higher-efficiency air conditioning equipment and lower unit volume from cooler summer temperatures in certain markets. Sales were also hit by low housing starts. Profit was $23.3 million.
Sales in the first nine months were $1.37 billion, down 9% on a same-store basis. The results reflect a 9% decline in sales of HVAC equipment, an 11% decline in sales in other HVAC products and a 3% decline in sales of commercial refrigeration products. Profit was $57 million.
Watsco’s performance and ability to respond to overall market conditions matched with the strength of our …
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Watsco, Inc., Coconut Grove, FL, reported revenues for the second quarter increased 8% to $510 million over the same period in 2007. Profit improved 7% to $26.1 million.
The revenue increase includes $62 million from 58 locations opened or acquired in the past 12 months.
Same-store sales declined 5%, reflecting a 4% decrease in sales of HVAC equipment, an 8% decline in other HVAC products and a 1% increase in commercial refrigeration products.
For the six months ended June 30, 2008, revenues increased 6% to $890 million, including $111 million from locations opened or acquired during the last 12 months. Gross profit for the period increased 7% to $229 million. Same-store sales declined 7% in the first six months.
Watsco is an …
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As the housing market continues to slump and new installations of central air systems with it, Watsco Inc., Coconut Grove, FL, continues to increase profits by building upon the growing replacement market.
Senior Vice President Barry Logan told attendees at the Piper Jaffray Industrial Growth Conference on June 11 that environmental mandates and aging systems have driven the replacement market to 75 percent of the business Watsco is doing today.
The mandate signed into law in 2001 required that all new air conditioning and heat pump units improve efficiency by 30 percent by 2006. In addition, use of refrigerants that deplete the ozone was to be phased out entirely by 2010.
Though new products don’t need to be in place before 2010, Watsco already …
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Watsco, Inc., Coconut Grove, FL, has launched ACDoctor.com, a consumer Web site that offers educational tools to help homeowners identify energy efficient cooling systems to help save money and reduce negative impacts of global warming.
According to Watsco, the heating and cooling of homes accounts for nearly 56% of residential energy use in the U.S., or $66.5 billion per year.
ACDoctor.com features energy saving calculators and tips on keeping energy bills low, energy efficiency high and improving the quality of indoor air. Users can compare HVAC systems, connect with contractors and locate financial incentives.
Watsco is an independent distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC …
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Watsco, Inc., Coconut Grove, FL, reported revenues for the first quarter 2008, were up 3% to $380 million compared with the same period a year ago.
The increase includes 63 locations opened or acquired over the past 12 months, adding $49 million to sales in the quarter.
On a same-store basis, sales fell 10%, including a 10% decrease in the sale of air conditioning equipment, a 13% decrease in other HVAC products, and a 2% increase in the sale of refrigeration products.
Watsco is an independent distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the HVAC industry, operating 426 locations serving over 40,000 customers in 34 …
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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 …
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