The 2020 Mid-Year Economic Update_long

Watsco Sales Jump 36.5% in 2Q

Year-to-date sales grow 26.3% from same period in 2020 as company delivers a “blowout” quarter, said the distributor’s CEO.
Watsco

HVACR distributor Watsco Inc. (NYSE:WSO), Miami, FL, reported second-quarter sales of $1.8 billion, up 36.5% year-over-year. Profit increased 66.4% to $144.1 million.

Excluding acquisitions, Watsco’s HVAC equipment sales increased 29% in the quarter, other HVAC products increased 25% and commercial refrigeration equipment increased 45%.

“Watsco delivered a blowout quarter with solid earnings growth and margin expansion from a combination of strong sales across all markets, a richer sales mix of high-efficiency systems, better selling margins, operating efficiencies and contributions from recently completed acquisitions,” said Albert H. Nahmad, Watsco’s chairman and CEO. “Our results also reflect continued investments in products, technology and people to drive sales and innovation throughout our business. Our teams remain focused on providing an exceptional customer experience as evidenced by the continued growth in customer adoption of our industry-leading technologies.”

For the first six months, sales were $3 billion, up 26.3% over the same period a year ago. Profit improved 70.1% to $199.2 million.

Excluding acquisitions, HVAC equipment sales increased 23% in the quarter, other HVAC products increased 19% and commercial refrigeration equipment increased 28%.

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