The 2020 Mid-Year Economic Update_long

Watsco Sales Increase 18% in 2009

Carrier Enterprise, a joint venture between Watsco and Carrier, contributed sales of $588 million for the year.
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Watsco, Inc. (NYSE: WSO), Coconut Grove, FL, reported sales for 2009 were $2.0 billion, an increase of 18%. Same-store sales declined 17%, including an 11% decrease in HVAC equipment (48% of sales), a 24% decreased in sales of other HVAC products (40%), and a 16% decrease in sales of refrigeration products (12% of sales). Declines were offset by sales of $588 million from Carrier Enterprise, a joint venture between Watsco and Carrier.

Profit for the distributor of air conditioning, heating and refrigeration equipment fell 28.3% to $43.3 million.

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Fourth quarter sales were $564 million, an increase of 68% over the prior year period. Results include $251 million of sales added by Carrier Enterprise. Same-store sales declined 7%. Profit was $7.1 million, compared to $3.3 million in fourth quarter 2008.

\”An important trend in our business is the movement toward higher-efficiency products and systems, which experienced sales growth of 82% during the period,\” said Albert H. Nahmad, president and CEO. \”The combination of tax credits, enhanced utility rebates and heightened consumer awareness toward energy-efficiency provides us additional opportunities to grow sales. We expect this momentum to continue as market conditions for replacement air conditioning normalize to historical levels and pent-up demand begins to unwind.\”

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