The 2020 Mid-Year Economic Update_long

Watsco Sales Increase 6% in 2020

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.
Watsco 2020 earnings

HVACR distributor Watsco Inc. (NYSE: WSO), Miami, reported sales for 2020 of $5.1 billion, up 6% over 2019. Profit improved 9.6% to $269.8 million.

Excluding acquisitions, HVAC equipment sales increased 4% in the year-to-date period, other HVAC products were flat and commercial refrigeration equipment decreased 4%.

“We are excited to deliver another record year, especially given the unique business challenges faced in 2020,” said Albert H. Nahmad, Watsco’s chairman and CEO. “Our core U.S. residential business remained solid, generating 17% growth during the quarter and reflecting the continued trend towards higher-efficiency systems. We express our gratitude to our more than 5,700 employees for their extraordinary efforts during this challenging year. We are optimistic and look forward to another strong year in 2021.”

The company reported fourth-quarter sales of $1.2 billion, up 7.7% year-over-year. Profit increased 23.4% to $46 million.

Excluding acquisitions, Watsco’s HVAC equipment sales increased 9% in the quarter, other HVAC products increased 7% and commercial refrigeration equipment sales increased 2%.

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