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Watsco, Inc. (NYSE: WSO) is the largest distributor of heating, air conditioning, and refrigeration (HVAC/R) products in North America. Established over 50 years ago, Watsco transitioned from manufacturing HVAC/R components to distribution in 1989, emerging as an industry leader. The company operates 507 locations across 36 states, Puerto Rico, Latin America, and the Caribbean. As of 2023, Watsco generates 90% of its revenue from the U.S., with additional operations in Canada and Latin America, each contributing 5% to sales.
With a robust network of 4,000 employees, Watsco supports over 125,000 contractors who provide essential HVAC/R installation, repair, and replacement services. The company’s extensive product range meets the needs of four key industry segments:
- Air Conditioners, Furnaces, and Related Parts: Accounting for 50% of their offerings.
- Air Movement Products: Including ductwork and insulation, contributing 25%.
- Controls: Such as thermostats and air treatment systems, comprising 15%.
- Refrigeration Products: Making up 10% of their inventory.
Watsco’s significant presence in the HVAC/R market, particularly in the Sunbelt states, positions it strategically to capitalize on growth opportunities. The company’s entrepreneurial culture, industry scale, and technological transformation efforts contribute to strong margins and sustained long-term growth. Watsco’s commitment to innovation and regulatory compliance ensures it remains a pivotal player in the HVAC/R industry.
Recent achievements highlight Watsco’s dynamic approach and continuous evolution. For the latest updates, you can pre-register for events here and here.
Watsco, Inc. (WSO) reported its Q1 2023 results demonstrating a 2% increase in sales to a record $1.55 billion, despite a slight decline in gross profit, which was $448 million at a 28.9% margin. Operating income decreased by 4% to $165 million. The company's EPS fell to $2.83 compared to $2.90 in Q1 2022. Watsco highlighted ongoing investments in technology improving contractor engagement and expanding its market share. The firm remains confident in its ability to navigate regulatory challenges and seasonal sales fluctuations, boosting heat pump sales by 7% and maintaining strong cash flow with a $54 million increase. The company’s financial health is reflected in its net borrowings of $57 million and a 53% increase in its annual dividend rate. Future growth is anticipated from industry trends toward energy efficiency and technological advancements.
Watsco, Inc. (NYSE: WSO) will host a conference call on April 20, 2023, at 10:00 a.m. EDT to discuss its first quarter financial results. The results will be released before market open on the same day. The call will include prepared remarks followed by a Q&A session with senior management. Investors are encouraged to pre-register for immediate access using the provided link. Watsco operates a significant distribution network for heating, air conditioning, and refrigeration products across the U.S., Canada, Mexico, and Puerto Rico, serving over 350,000 contractors annually through its 675 locations. The company highlights its role in reducing CO2 emissions, claiming to have averted 15.8 million metric tons of CO2e emissions from 2020 to 2022 through the sale of energy-efficient HVAC systems.
Watsco, Inc. (NYSE: WSO) declared a quarterly cash dividend of $2.45 per share, payable on April 28, 2023, to shareholders of record by April 17, 2023. This marks the 49th consecutive year of dividend payments, as Watsco continues to prioritize sharing cash flow with shareholders while maintaining a conservative financial approach. The company plays a crucial role in combating climate change by selling high-efficiency HVAC systems, which have reportedly averted 15.8 million metric tons of CO2e emissions since 2020, equating to the removal of approximately 3.4 million gas-powered vehicles from the road.
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