The 2020 Mid-Year Economic Update_long

Watsco Sales Up 5% in 2Q

Year-to-date sales also up 5 percent year-over-year.

HVAC distributor Watsco Inc. (NYSE:WSO), Miami, FL, reported second quarter sales of $1.2 billion, up 5 percent year-over-year. Profit increased 16.6 percent to $65.4 million.

HVAC equipment sales grew 7 percent in the quarter, other HVAC products increased 1 percent and commercial refrigeration equipment grew 3 percent.

For the first six months, sales were $2 billion, up 5 percent over the same period a year ago. Profit grew 21.4 percent to $88.5 million.

"Our second quarter performance produced the highest sales, profits and operating margin of any quarter in Watsco’s history," said Albert Nahmad, president & CEO. “Earnings growth and margin expansion were driven by a combination of solid sales growth, better selling margins and operating efficiencies."

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