The 2020 Mid-Year Economic Update_long

Watsco First-Quarter Sales Up 3% on Same-Store Basis

Overall sales of $714 million were up 13 percent, thanks to Carrier joint venture.

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.

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