Miami-based HVACR distributor Watsco Inc. (NYSE:WSO) reported sales for the first quarter ended March 31, 2013, of $714 million, up 13 percent. Sales were up 3 percent on a same-store basis.
Profit for the quarter was $13 million.
Results include 35 new locations from a joint venture formed on April 27, 2012, with Carrier Corp. in Canada, which Watsco owns 60 percent and Carrier owns 40 percent. The results also reflect a 10 percent greater ownership interest in Carrier Enterprise LLC, a U.S. joint venture formed with Carrier in 2009.
The first quarter is typically a seasonal low point for Watsco due to the increase in demand in the second and third quarters for replacement units in air conditioning, heating and refrigeration systems.
