Watsco Earnings Grow 14% in 1Q
Watsco, Inc., distributor of air conditioning and heating products, reported its revenues grew 14% to $394 million in the first quarter ended March 31, 2006. Net income rose to $13 million compared with $9.1 million in the same period last year.
Same-store growth rates for revenue and gross profit were also 14% for the quarter.
"Watsco is off to a great start with double digit revenue increases and expanding margins. This should be another great year and even more exciting is the potential for long-term growth as we continue to find ways to increase our industry market share from its present 7%,' said Watsco President and CEO Albert H. Nahmad. 'We participate in a very large market with an estimated 120 million ...