Watsco 3Q Revenues Up 6%
HVAC distributor Watsco Inc., Coconut Grove, FL, revenues grew 6% in the third quarter 2006, to $507 million. Same-store sales grew 5%. Profit was up 19% to $29.1 million.
For the first nine months of 2006, sales grew 12% to $1.41 billion. Same-store sales were up 11%. The increase in revenues reflects improving sales mix from the introduction of higher-efficiency air conditioning equipment, double-digit gains in commercial refrigeration products and sales at new locations. For the first nine months, profit was up 26%.
Roughly half of Watsco's business volume and related inventory transitioned to new families of products in the past nine months. "We passed along price increases and carried higher levels of inventory to mitigate erratic OEM ...