Watsco Sales Increase 9% in 2013 - Modern Distribution Management

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Watsco Sales Increase 9% in 2013

Strong HVAC sales help drive Watsco's sales for quarter, year.

Watsco, Inc. (NYSE: WSO), Miami, FL, reported full year sales for 2013 of $3.7 billion, an increase of 9 percent from the previous year. Profit increased 23.6 percent to $127.7 million. 2013 same-store sales increased 7 percent, reflecting a 9 percent increase in HVAC equipment, a 3 percent increase in other HVAC products and a 3 percent increase in commercial refrigeration products.

Sales for the fourth quarter were $827 million, an 8 percent increase over the same period a year ago. Profit increased 17.4 percent to $17.3 million. Fourth quarter revenues for HVAC equipment were up 10 percent year-over-year, with other HVAC products up 5 percent, while commercial refrigeration products revenues were down 2 percent.

"We saw strength in sales of residential HVAC systems in the United States from a combination of strong unit demand and a better sales mix of higher-efficiency systems," said Albert Nahmad, president and CEO of Watsco.

2013 results include 35 new locations from a joint venture formed in April 2012 with Carrier Corporation in Canada.

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