HVACR distributor Watsco Inc. (NYSE:WSO), Miami, FL, reported first-quarter sales of $1.1 billion, up 12.7% from the year-ago quarter. Profit increased 80.6% to $55.1 million.
Watsco’s HVAC equipment sales increased 14% in the quarter, other HVAC products increased 11% and commercial refrigeration equipment increased 10%.
“Watsco delivered another record quarter with solid earnings growth and margin expansion,” said Albert H. Nahmad, chairman and CEO. “These results are attributable to strong sales growth, a richer sales mix of high-efficiency systems, better selling margins and operating efficiencies. First quarter results also reflect continued investments in products, technology and people to drive sales and innovation throughout our business. As we head into the selling season, we are focused on the same proven fundamentals — growth in customer adoption of our industry-leading technologies, driving profitable sales and share gains for our supplier partners. Our first quarter results are a good start in what we expect to be a record year for our company.”