Watsco Q2 earnings up
Written on July 18, 2008
Watsco saw its second quarter earnings climb 14 percent as sales on replacement parts and high-efficiency air conditioning systems increased.
The Coconut Grove-based air-conditioning and heating equipment distributor said it earned $26.1 million, or 94 cents a share, on revenue of $509.8 million. In the prior-year quarter, it earned $22.9 million, or 82 cents a share, on revenue of $471.1 million. Watsco (NYSE: WSO) said sales grew in the residential replacement market and commercial refrigeration market, but fell when it came to new construction-related products. Sales of high-efficiency air conditioning systems were up 22 percent.
Sales at 58 stores acquired or open within the last year added $62 million to the company's revenue, while sales at stores open more than a year fell 5 percent — reflecting reflecting a 4 percent decrease in sales of HVAC equipment, an 8 percent decline in other HVAC products and a 1 percent increase in commercial refrigeration products pay day loans.
Shares closed Wednesday at $41.73. The 52-week high was $56.11 on July 18. The 52-week low was $30.14 on Jan. 22.