Watsco, Inc. (NYSE: WSO), Miami, FL, No. 3 on the list of top HVAC/plumbing distributors, reported sales for the second quarter were $884 million, an increase of 2 percent from second quarter 2010. Same-store sales decreased 2 percent. Profit increased 3 percent to $36 million.
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Second quarter results include 28 new locations from a joint venture formed on April 29, 2011, with Carrier Corporation in the Northeast U.S. Watsco owns 60 percent of the Northeast joint venture and Carrier owns 40 percent. The locations had revenues of $210 million in 2010.
Watsco also has signed a definitive agreement to add Carrier’s Mexico HVAC distribution operations to the joint venture. The Mexico operations had revenues of $80 million during the prior twelve months ended in June 2011.
For the first six months, sales were $1.4 billion, up 3 percent in a year-over-year comparison. Same-store sales increased 1 percent. Profit improved 13 percent to $44 million.
