Miami-based HVAC distributor Watsco, Inc. (NYSE:WSO) (Paris:WSO) reported sales for the fourth quarter 2011 were down 12 percent to $646 million on a same-store basis from the previous year. Profit was $13 million, up from $10 million in the same quarter a year ago.
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Revenues for the full year 2011 were up 5 percent to $2.98 billion, and down 1 percent on a same-store basis. The decline reflects a 3 percent decline in sales of HVAC equipment (60 percent of sales), a 1 percent decline in sales of other HVAC products (33 percent of sales) and a 3 percent increase in sales of commercial refrigeration products (7 percent of sales).
Profit for the year was $90 million.
