The 2020 Mid-Year Economic Update_long

Watsco Sales Up 16% in 2Q

Watsco Inc., Coconut Grove, FL, distributor of air conditioning and heating products, reported revenues grew 16% to $512 million for the second quarter ended June 30, 2006. Revenues grew 15% on a same-store basis. Net income was up 28% to $28.7 million.


 


For the six months ended June 30, 2006, revenues grew 15% to $906 million, with revenue growth of 14% on a same-store basis. Net income was up 32% to $41.8 million.


 


Albert H. Nahmad, Watsco’s President and Chief Executive Officer, stated: “Strong demand for our products, higher prices related to the launch of new, higher-efficiency air conditioning systems and improved margins combined to produce terrific top and bottom-line performance. New higher-efficiency products have been well-accepted by the market and even more innovative products will be available in the future to provide a greater number of consumer choices to offset increasing energy costs.”


 


Watsco added 23 new locations in the past year and expanded its product offerings. “The potential is huge as Watsco presently enjoys only 7-8% market share of the estimated $25 billion for our products,” Nahmad said.


 


There are an estimated 120 million single-family homes in the U.S., most of which have central air conditioning and heating systems. Eventually, these systems will wear out and require repair or replacement.


 


Watsco is a distributor of air conditioning, heating and refrigeration equipment and related parts and supplies in the distribution segment of the HVAC industry, currently operating 362 locations serving over 38,000 customers in 32 states.

Related Links
Watsco Earnings Grow 14% in 1Q

More Breaking News

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.