HVAC distributor Watsco Inc. (NYSE: WSO), Miami, FL, reported full year sales for 2014 of $3.9 billion, an increase of 5 percent from the previous year. Profit increased 18.5 percent to $151.4 million. Revenues for HVAC equipment increased 7 percent, U.S. residential equipment increased 9 percent, other HVAC products increased 2 percent and commercial refrigeration products increased 7 percent.
Sales for the fourth quarter were a record $877 million, a 6 percent increase over the same period a year ago. Profit increased 39 percent to $24.1 million. Fourth quarter revenues for HVAC equipment were up 8 percent year-over-year, with other HVAC products up 2 percent and an 8 percent increase in commercial refrigeration products.
"This performance includes substantial investments made during 2014 to enable future growth. We added 200 employees with an emphasis on sales and market development, deployed innovative new technologies to enhance our customer-experience, expanded the Watsco network to add density to local markets and launched new products to grow and develop market share for our supplier partners," said Albert Nahmad, president and CEO of Watsco.
2014 results also reflect a 10% greater ownership interest in Carrier Enterprise LLC, a U.S. joint venture formed with Carrier in 2009.