Miami-based Watsco, Inc. (NYSE: WSO) (Paris: WSO), No. 2 on MDM’s list of the top HVACR/Plumbing distributors reported sales for the second quarter were up 15 percent to $1 billion, including $114 million of sales added by new locations.
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Same-store sales for the quarter were up 2 percent, reflecting a 5 percent increase in air conditioning and heating equipment (63 percent of sales), a 4 percent decrease in other HVAC products (33 percent of sales) and a 16 percent increase in commercial refrigeration products (4 percent of sales).
Profit for the quarter was $39 million, up 6 percent.
Albert Nahmad, Watsco's president & CEO, said: "Watsco had a good quarter posting all-time records for sales and profits. Our commercial sales were up double digits, far outpacing the industry. The trend for sales of low efficiency residential equipment continued with market demand strongest in the Midwest and Northeast."
Nahmad noted ongoing opportunities to expand Watsco’s footprint and product offering, including expanded market coverage in Latin America and Canada.
Revenues increased 16 percent in the first half of the year to $1.6 billion, including $180 million of sales from new locations. Same-store sales increased 4 percent, reflecting a 7 percent increase in sales of HVAC equipment (62 percent of sales), a 3 percent decrease in other HVAC products (34 percent of sales) and a 19 percent increase in commercial refrigeration products (4 percent of sales).
Profit for the first half was $48 million, up 9 percent.