Watsco Sales Decline 1.2% in 2Q - Modern Distribution Management

Log In

Watsco Sales Decline 1.2% in 2Q

But year-to-date sales grow 2.6% from same period in 2019 as company posts “record, double-digit sales and profit growth rates in June,” according to Watsco's CEO.
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.

HVACR distributor Watsco Inc. (NYSE:WSO), Miami, FL, reported second quarter sales of $1.4 billion, down 1.2% year-over-year. Profit decreased 4% to $86.6 million, and diluted EPS of $2.26 was down from $2.40 a year ago but beat analysts’ estimates by 34 cents.

Excluding acquisitions, Watsco’s HVAC equipment sales decreased 4% in the quarter, other HVAC products decreased 9% and commercial refrigeration equipment decrease 15%.

“Watsco’s entrepreneurial culture and decentralized operating philosophy, which empowers leaders to think and act locally, are critically important given the diverse business conditions in our various markets,” said Albert H. Nahmad, chairman and CEO. “In a short period of time, our leaders deployed more technology and implemented new ideas to enhance the customer experience in a challenging environment. During the quarter, our residential HVAC equipment business recovered steadily and drove record, double-digit sales and profit growth rates in June 2020 versus 2019 with on-going momentum into July. We will continue to innovate, drive performance and look for opportunities to grow our business.”

For the first six months, sales were $2.4 billion, up 2.6% over the same period a year ago. Profit declined 6.5% to $117.1 million.

Excluding acquisitions, HVAC equipment sales decreased 2% in the quarter, other HVAC products decreased 4% and commercial refrigeration equipment decrease 8%.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!


articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events



You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.