Watsco Inc. (NYSE:WSO) reported $1.52 billion in sales for the first quarter of 2022, a 34% jump over the same period a year ago.
The company also reported a 109% increase in earning per share to a record $2.90, on net income attributable to Watsco of $113 million.
Watsco reported a 109% increase in 1Q operating income to a record $171 million, including a 400 basis-point operating margin expansion to 11.2%.
The company also posted a 53% gross profit increase to a record $450 million.
“These results reflect added investments to grow adoption of Watsco’s industry-leading technology platforms, which collectively transform the customer experience, enhance operational efficiency, and help contractors grow faster as they deliver a more contemporary experience to homeowners and businesses,” Watsco said in a statement. “Taken as a whole, we believe that Watsco’s technology offering is solidifying existing customer relationships and creating new customer acquisition opportunities that are producing consistent gains in market share.”
Watsco’s Chairman and CEO Albert H. Nahmad added: “Watsco delivered exceptional performance during the first quarter. The Company achieved strong performance across all geographic markets and product categories and reflects a combination of strong unit growth, our ability to capture increased cost of goods through higher selling prices, a richer mix of high-efficiency systems and what, we believe, are technology-driven gains in market share. Our teams and associates are accomplishing extraordinary things and we thank them for their commitment and remarkable efforts to serve customers under what continues to be challenging circumstances. Although it is still early in the year, we are encouraged by current demand trends and expect Watsco to produce another record year.”