Watsco Reports Record Fourth Quarter Sales, Expanded Margins and Record Cash Flow
Watsco (NYSE: WSO) reported strong Q4 2024 results with record performance across key metrics. Sales increased 9% to $1.75 billion, with gross profit up 13% to $468 million. The company achieved a 90 basis-point expansion in gross margin to 26.7% and 26% growth in operating income to $136 million.
For full-year 2024, sales grew 5% to $7.62 billion with operating income of $782 million. The company generated record operating cash flow of $773 million, up 38% year-over-year. E-commerce sales grew 8% to $2.6 billion, representing 35% of annual sales.
Watsco announced an 11% increase in its annual dividend to $12.00 per share, effective April 2025. The company maintains a strong financial position with $782 million in cash and short-term investments and a debt-free balance sheet. Growth was driven by residential equipment sales, which increased 16% in Q4, reflecting unit growth, new customer acquisition, and market share gains.
Watsco (NYSE: WSO) ha riportato risultati solidi per il quarto trimestre del 2024, con performance da record in tutti i principali indicatori. Le vendite sono aumentate del 9% raggiungendo 1,75 miliardi di dollari, con un profitto lordo in crescita del 13% a 468 milioni di dollari. L'azienda ha ottenuto un'espansione di 90 punti base nel margine lordo, salendo al 26,7%, e una crescita del reddito operativo del 26% a 136 milioni di dollari.
Per l'intero anno 2024, le vendite sono cresciute del 5%, arrivando a 7,62 miliardi di dollari, con un reddito operativo di 782 milioni di dollari. L'azienda ha generato un flusso di cassa operativo record di 773 milioni di dollari, in aumento del 38% rispetto all'anno precedente. Le vendite e-commerce sono aumentate dell'8% a 2,6 miliardi di dollari, rappresentando il 35% delle vendite annuali.
Watsco ha annunciato un aumento dell'11% del suo dividendo annuale a 12,00 dollari per azione, efficace da aprile 2025. L'azienda mantiene una posizione finanziaria solida con 782 milioni di dollari in contante e investimenti a breve termine e un bilancio privo di debiti. La crescita è stata guidata dalle vendite di attrezzature residenziali, che sono aumentate del 16% nel quarto trimestre, riflettendo la crescita delle unità, l'acquisizione di nuovi clienti e guadagni di quota di mercato.
Watsco (NYSE: WSO) reportó resultados sólidos para el cuarto trimestre de 2024, con un rendimiento récord en todas las métricas clave. Las ventas aumentaron un 9% alcanzando 1.75 mil millones de dólares, con un beneficio bruto en aumento del 13% a 468 millones de dólares. La compañía logró una expansión de 90 puntos básicos en el margen bruto, subiendo al 26.7%, y un crecimiento del 26% en el ingreso operativo a 136 millones de dólares.
Para el año completo 2024, las ventas crecieron un 5% alcanzando 7.62 mil millones de dólares, con un ingreso operativo de 782 millones de dólares. La compañía generó un flujo de efectivo operativo récord de 773 millones de dólares, un aumento del 38% interanual. Las ventas de comercio electrónico crecieron un 8% a 2.6 mil millones de dólares, representando el 35% de las ventas anuales.
Watsco anunció un aumento del 11% en su dividendo anual a 12.00 dólares por acción, efectivo a partir de abril de 2025. La compañía mantiene una sólida posición financiera con 782 millones de dólares en efectivo e inversiones a corto plazo y un balance libre de deudas. El crecimiento fue impulsado por las ventas de equipos residenciales, que aumentaron un 16% en el cuarto trimestre, reflejando el crecimiento de unidades, adquisición de nuevos clientes y ganancias en participación de mercado.
Watsco (NYSE: WSO)는 2024년 4분기 강력한 실적을 보고하며 주요 지표에서 기록적인 성과를 달성했습니다. 매출은 9% 증가하여 17억 5천만 달러에 달했으며, 총 이익은 13% 증가하여 4억 6천8백만 달러에 이르렀습니다. 회사는 총 마진에서 90 베이시스 포인트 확장을 달성하여 26.7%에 이르렀고, 운영 소득은 26% 성장하여 1억 3천6백만 달러에 달했습니다.
2024년 전체 연도에 대해 매출은 5% 증가하여 76억 2천만 달러에 도달했으며, 운영 소득은 7억 8천2백만 달러였습니다. 회사는 연간 38% 증가한 7억 7천3백만 달러의 기록적인 운영 현금 흐름을 창출했습니다. 전자상거래 매출은 8% 증가하여 26억 달러에 이르렀으며, 연간 매출의 35%를 차지했습니다.
Watsco는 2025년 4월부터 적용되는 주당 12.00달러로 연간 배당금을 11% 인상한다고 발표했습니다. 회사는 7억 8천2백만 달러의 현금 및 단기 투자와 무부채 재무 상태를 유지하며 강력한 재정적 위치를 유지하고 있습니다. 성장은 4분기 주거용 장비 판매가 16% 증가하여 주도했으며, 이는 유닛 성장, 신규 고객 확보 및 시장 점유율 증가를 반영합니다.
Watsco (NYSE: WSO) a annoncé des résultats solides pour le quatrième trimestre 2024, avec des performances record dans toutes les principales métriques. Les ventes ont augmenté de 9% pour atteindre 1,75 milliard de dollars, avec un bénéfice brut en hausse de 13% à 468 millions de dollars. L'entreprise a réalisé une expansion de 90 points de base de sa marge brute, atteignant 26,7%, et une croissance de 26% de son revenu opérationnel à 136 millions de dollars.
Pour l'année complète 2024, les ventes ont augmenté de 5% pour atteindre 7,62 milliards de dollars, avec un revenu opérationnel de 782 millions de dollars. L'entreprise a généré un flux de trésorerie opérationnel record de 773 millions de dollars, en hausse de 38% par rapport à l'année précédente. Les ventes en ligne ont augmenté de 8% pour atteindre 2,6 milliards de dollars, représentant 35% des ventes annuelles.
Watsco a annoncé une augmentation de 11% de son dividende annuel à 12,00 dollars par action, effectif à partir d'avril 2025. L'entreprise maintient une solide position financière avec 782 millions de dollars en liquidités et investissements à court terme et un bilan sans dettes. La croissance a été soutenue par les ventes d'équipements résidentiels, qui ont augmenté de 16% au quatrième trimestre, reflétant la croissance des unités, l'acquisition de nouveaux clients et les gains de parts de marché.
Watsco (NYSE: WSO) hat für das vierte Quartal 2024 starke Ergebnisse gemeldet, mit Rekordleistungen in allen wichtigen Kennzahlen. Der Umsatz stieg um 9% auf 1,75 Milliarden Dollar, während der Bruttogewinn um 13% auf 468 Millionen Dollar zunahm. Das Unternehmen erzielte eine Erweiterung der Bruttomarge um 90 Basispunkte auf 26,7% und ein Wachstum des operativen Einkommens um 26% auf 136 Millionen Dollar.
Für das Gesamtjahr 2024 wuchsen die Umsätze um 5% auf 7,62 Milliarden Dollar, mit einem operativen Einkommen von 782 Millionen Dollar. Das Unternehmen generierte einen Rekordbetriebscashflow von 773 Millionen Dollar, was einem Anstieg von 38% im Jahresvergleich entspricht. Der E-Commerce-Umsatz stieg um 8% auf 2,6 Milliarden Dollar, was 35% des Jahresumsatzes ausmacht.
Watsco kündigte eine Erhöhung der jährlichen Dividende um 11% auf 12,00 Dollar pro Aktie an, die ab April 2025 wirksam wird. Das Unternehmen hat eine starke finanzielle Position mit 782 Millionen Dollar in Bargeld und kurzfristigen Investitionen und einer schuldenfreien Bilanz. Das Wachstum wurde durch den Verkauf von Wohnanlagen angetrieben, die im vierten Quartal um 16% zunahmen, was das Wachstum der Einheiten, die Gewinnung neuer Kunden und die Steigerung des Marktanteils widerspiegelt.
- Record Q4 sales of $1.75B (+9% YoY)
- Q4 gross margin expanded 90 bps to 26.7%
- Operating income grew 26% to $136M in Q4
- Record operating cash flow of $773M (+38% YoY)
- E-commerce sales reached $2.6B (35% of total sales)
- 11% dividend increase to $12.00 per share
- Strong balance sheet with $782M cash and no debt
- Full-year gross margin declined to 26.8% from 27.4%
- 2% decline in other HVAC products sales (26% of sales)
- Flat net income year-over-year at $536M
- EPS decreased to $13.30 from $13.67 last year
Insights
Watsco's Q4 2024 results reveal a company firing on all cylinders, with multiple indicators pointing to sustainable growth and market leadership. The
Three key metrics stand out: First, the
The company's working capital management deserves special attention. Operating cash flow increased
The technology investments are creating a competitive moat. The expansion to 64,000 authenticated users (up
The
Boosts Annual Dividend
Entrepreneurial Culture, Transformational Technologies and Debt-Free Balance Sheet Continue to Produce Results and Provide Long-Term Opportunities
MIAMI, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) reported fourth quarter and full year 2024 results and provided commentary on current business trends, technology innovation and long-term growth drivers.
Watsco also announced today an
Watsco is the leading distributor in the HVAC/R marketplace, serving over 375,000 contractors, technicians and installers annually from 691 locations across the U.S., Canada and Latin America. Since entering distribution in 1989 through the end of 2024, the compounded annual growth rate (CAGR) of Watsco’s operating profit was
Watsco continues to invest in technologies that enrich the customer experience, drive growth, gain market share and improve operating efficiency. Watsco’s digital user-community consists of approximately 64,000 contractors and technicians that engage with Watsco through state-of-the-art platforms capable of influencing every aspect of their day. Since launch, Watsco has generated higher sales growth rates among digital customers, achieved meaningful new customer acquisition and reduced attrition. Watsco has also begun to establish pathways for AI-related initiatives and leverage the substantial data streams curated by the Company.
Albert H. Nahmad, Watsco’s Chairman and CEO, commented: “Watsco had a terrific fourth quarter, achieving record sales and earnings, improved operating efficiency, expanded margins and record cash flow. Looking ahead, the transition to A2L products is well underway, providing incremental opportunities for growth and share gains as our technology platforms gain more adoption in the marketplace. Our teams continue to lead and innovate, and I am optimistic that our industry-leading scale, entrepreneurial culture, technology advantage and financial strength position us to continue to capture growth and share.”
Mr. Nahmad added: “We are pleased to raise our dividend, marking the 51st consecutive year that Watsco has paid dividends. With
Fourth Quarter Results
9% sales increase to a record$1.75 billion 13% gross profit increase to a record$468 million - 90 basis-point expansion in gross margin to
26.7% 8% increase in SG&A expenses (improved 20 basis-points as a percentage of sales)26% growth in operating income to$136 million (operating margin expanded 110 basis-points to7.8% )31% increase in income before income taxes to a record$143 million 17% increase in net income (attributable to Watsco) to$97 million 15% increase in EPS to$2.37 27% increase in operating cash flow to a record$379 million
Sales trends
14% increase in HVAC equipment (69% of sales)- Flat sales for other HVAC products (
27% of sales) 4% increase in commercial refrigeration products (4% of sales)
Sales of residential equipment increased
It is important to note that the fourth and first quarters of each calendar year are highly seasonal due to the timing of the replacement of HVAC systems. Results are typically strongest in the second and third quarters, and the Company’s fourth quarter financial results are disproportionately affected by seasonality.
Full-Year Results
5% increase in sales to a record$7.62 billion (3% growth on a same-store basis)3% increase in gross profit to a record$2.04 billion - Gross margin was
26.8% compared to27.4% last year - SG&A expenses increased
6% to$1.29 billion (4% growth on a same-store basis) - Operating income of
$782 million (operating margin of10.3% ) - Income before income taxes increased
2% to$803 million - Net income (attributable to Watsco) was
$536 million , flat with last year - EPS of
$13.30 versus$13.67 last year 38% increase in operating cash flow to a record$773 million
Sales trends (excluding acquisitions)
5% increase in HVAC equipment (70% of sales)2% decline in other HVAC products (26% of sales)1% increase in commercial refrigeration products (4% of sales)
Culture of Innovation
Watsco continues to scale its industry-leading technology platforms, both externally to more contractors and internally across its entire network of locations. Highlights for 2024 included:
Customer-Facing
- E-commerce sales growth rates outpaced overall sales growth increasing
8% to$2.6 billion for the year (35% of annual sales) and grew16% during the fourth quarter. - Watsco’s product information management (PIM) platform expanded to more than 930,000 SKUs.
- Watsco’s authenticated user community for HVAC Pro+ Mobile Apps expanded to approximately 64,000 users, up
15% from the prior year. - The gross merchandise value of products sold through OnCallAir®, Watsco’s proprietary digital sales platform for contractors, increased
25% to approximately$1.5 billion in 2024 with quotes to homeowners increasing22% to approximately 313,000 households.
Operations-Focused
- Pricing optimization tools to provide analytics and insights on more than 200,000 SKUs sold with the goal of modernizing existing processes, enhancing competitiveness and improving margins.
- Proprietary warehouse management and order fulfillment systems to enable faster, more reliable customer service, accelerate the fulfillment of orders, and enhance warehouse efficiency.
- Transportation management systems to improve efficiency and productivity of transportation spend.
- Demand planning and inventory optimization tools to improve fulfillment rates and inventory turns.
A.J. Nahmad, Watsco’s President, commented: “Our ongoing investments in Watsco’s industry-leading technology platforms have been producing terrific results with clear evidence that our customers are winning with more frequency while becoming more loyal, long-term customers.”
A.J. Nahmad added: “We have also opened two pathways for AI-related initiatives to leverage the substantial data streams that we have curated over the years related to products, technical know-how, customer information and a wealth of transactional data. The first path is focused on how to bring technical know-how and service to our contractor community faster, more completely and more productively, whether assisted by our technical support staff or through self-service. The second path is internally focused to derive more productive content creation across a variety of disciplines in our business. It is early stage, but we are excited and already witnessing productivity gains and an expansion of our historical capabilities.”
Cash Flow and Dividends
Watsco produced record operating cash flow in 2024, which increased
The Company’s philosophy is to share increasing amounts of cash flow through higher dividends while maintaining a conservative financial position with continued capacity to build its distribution network. The Company raised its annual dividend rate
Long-Term Growth Drivers
Watsco believes that various company and industry specific catalysts will contribute to growth and profitability in the years ahead. We believe these catalysts – coupled with Watsco’s scale, technologies, OEM relationships and entrepreneurial culture – provide competitive advantages that position us favorably over the long-term.
Buy and Build Acquisition Strategy - Watsco has acquired 70 companies since 1989, contributing to sales growth, scale and, most importantly, its community of seasoned leaders. Since 2019, Watsco has acquired ten companies that today represent approximately
Technology Investments - Watsco is investing to enhance its technology advantage in the HVAC/R distribution industry. Active users of our technology and e-commerce platforms produce higher growth rates and exhibit approximately
Growth of Ductless HVAC Systems - the growing acceptance of ductless HVAC systems in both residential and commercial applications is also a long-term growth driver. Watsco is the leading independent distributor of ductless products in North America, representing approximately 20 brands manufactured by several leading OEMs around the world. In 2024, sales growth of ductless products once again exceeded the sales growth of conventional ducted HVAC systems, consistent with recent trends.
Scale and Product Depth - Watsco possesses the broadest and deepest assortment of products in the industry with approximately
Use of Non-GAAP Financial Information
This release discloses certain performance measures on a “same-store basis”, which are non-GAAP and exclude the effects of locations closed, acquired or opened, in each case during the immediately preceding 12 months, unless such locations are within close geographical proximity to existing locations. The Company believes this information provides greater comparability regarding its ongoing operating performance. These measures should not be considered an alternative to measurements presented in accordance with U.S. GAAP.
Earnings Conference Call Information
Date and time: February 18, 2025 at 10:00 a.m. (ET)
Webcast: http://investors.watsco.com (a replay will be available on the Company’s website)
Dial-in number: United States (844) 883-3908 / International (412) 317-9254
About Watsco
Watsco is the largest distributor of heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico, and Puerto Rico, and on an export basis to Latin America and the Caribbean.
The Company’s focus is on the replacement market, which has increased in size and importance as a result of the aging of installed systems, the introduction of higher energy efficient models and the necessity of HVAC products in homes and businesses. According to data published in March 2023 by the Energy Information Administration, there are approximately 102 million HVAC systems installed in the United States that have been in service for more than 10 years, most of which operate well below current minimum efficiency standards.
Accordingly, Watsco has the opportunity to be a significant and important contributor toward climate change as it plays an important role to lower CO2e emissions. According to the Department of Energy, HVAC systems account for roughly half of U.S. household energy consumption. As such, replacing older systems at higher efficiency levels is a critical means for homeowners to reduce electricity consumption and their carbon footprint.
Based on estimates validated by independent sources, Watsco averted an estimated 22.8 million metric tons of CO2e emissions from January 1, 2020 to December 31, 2024 through the sale of replacement HVAC systems at higher-efficiency standards, an equivalent of eliminating 5.3 million gas powered vehicles off the road annually. More information, including sources and assumptions used to support the Company’s estimates, can be found at www.watsco.com.
Forward-Looking Statements
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, the seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments.
Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.
| WATSCO, INC. Condensed Consolidated Results of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 1,753,962 | $ | 1,603,197 | $ | 7,618,317 | $ | 7,283,767 | |||||||
| Cost of sales | 1,285,878 | 1,188,781 | 5,573,604 | 5,291,627 | |||||||||||
| Gross profit | 468,084 | 414,416 | 2,044,713 | 1,992,140 | |||||||||||
| Gross profit margin | |||||||||||||||
| SG&A expenses | 338,489 | 312,461 | 1,293,439 | 1,223,507 | |||||||||||
| Other income | 6,593 | 5,793 | 30,501 | 26,177 | |||||||||||
| Operating income | 136,188 | 107,748 | 781,775 | 794,810 | |||||||||||
| Operating margin | |||||||||||||||
| Interest (income) expense, net | (6,713) | (1,000) | (20,869) | 4,920 | |||||||||||
| Income before income taxes | 142,901 | 108,748 | 802,644 | 789,890 | |||||||||||
| Income taxes | 27,721 | 11,007 | 166,904 | 155,751 | |||||||||||
| Net income | 115,180 | 97,741 | 635,740 | 634,139 | |||||||||||
| Less: net income attributable to non-controlling interest | 18,339 | 15,194 | 99,454 | 97,802 | |||||||||||
| Net income attributable to Watsco | $ | 96,841 | $ | 82,547 | $ | 536,286 | $ | 536,337 | |||||||
| Diluted earnings per share: | |||||||||||||||
| Net income attributable to Watsco shareholders | $ | 96,841 | $ | 82,547 | $ | 536,286 | $ | 536,337 | |||||||
| Less: distributed and undistributed earnings allocated to restricted common stock | 7,578 | 6,707 | 37,369 | 36,932 | |||||||||||
| Earnings allocated to Watsco shareholders | $ | 89,263 | $ | 75,840 | $ | 498,917 | $ | 499,405 | |||||||
| Weighted-average Common and Class B common shares and equivalent shares used to calculate diluted earnings per share | 37,738,113 | 36,809,454 | 37,510,332 | 36,531,683 | |||||||||||
| Diluted earnings per share for Common and Class B common stock | $ | 2.37 | $ | 2.06 | $ | 13.30 | $ | 13.67 | |||||||
| WATSCO, INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Cash and cash equivalents | $ | 526,271 | $ | 210,112 | |||
| Short-term cash investments | 255,669 | - | |||||
| Accounts receivable, net | 877,935 | 797,832 | |||||
| Inventories, net | 1,385,436 | 1,347,289 | |||||
| Other | 34,670 | 36,698 | |||||
| Total current assets | 3,079,981 | 2,391,931 | |||||
| Property and equipment, net | 140,535 | 136,230 | |||||
| Operating lease right-of-use assets | 419,138 | 368,748 | |||||
| Goodwill, intangibles, net and other | 839,869 | 832,273 | |||||
| Total assets | $ | 4,479,523 | $ | 3,729,182 | |||
| Accounts payable and accrued expenses | $ | 873,628 | $ | 611,747 | |||
| Current portion of lease liabilities | 110,273 | 100,265 | |||||
| Total current liabilities | 983,901 | 712,012 | |||||
| Borrowings under revolving credit agreement | - | 15,400 | |||||
| Operating lease liabilities, net of current portion | 321,715 | 276,913 | |||||
| Deferred income taxes and other liabilities | 109,669 | 108,667 | |||||
| Total liabilities | 1,415,285 | 1,112,992 | |||||
| Watsco's shareholders’ equity | 2,656,990 | 2,229,839 | |||||
| Non-controlling interest | 407,248 | 386,351 | |||||
| Shareholders’ equity | 3,064,238 | 2,616,190 | |||||
| Total liabilities and shareholders’ equity | $ | 4,479,523 | $ | 3,729,182 | |||
| WATSCO, INC. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) | |||||||
| Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 635,740 | $ | 634,139 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 40,822 | 35,090 | |||||
| Share-based compensation | 35,022 | 30,000 | |||||
| Non-cash contribution to 401(k) plan | 8,735 | 8,862 | |||||
| Provision for doubtful accounts | 4,285 | 7,158 | |||||
| Other income from investment in unconsolidated entity | (30,501) | (26,177) | |||||
| Other, net | 765 | (7,322) | |||||
| Changes in working capital, net of effects of acquisitions | |||||||
| Accounts receivable, net | (85,555) | (36,035) | |||||
| Inventories, net | (41,678) | 64,620 | |||||
| Accounts payable and other liabilities | 197,765 | (162,042) | |||||
| Other, net | 7,702 | 13,661 | |||||
| Net cash provided by operating activities | 773,102 | 561,954 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of short-term cash investments | (255,669) | - | |||||
| Capital expenditures, net | (29,828) | (34,172) | |||||
| Business acquisitions, net of cash acquired | (5,173) | (3,822) | |||||
| Other, net | - | (3,349) | |||||
| Net cash used in investing activities | (290,670) | (41,343) | |||||
| Cash flows from financing activities: | |||||||
| Net proceeds from the sale of Common stock | 281,784 | 15,179 | |||||
| Net repayments under revolving credit agreement | (15,400) | (41,000) | |||||
| Dividends on Common and Class B Common stock | (423,521) | (382,646) | |||||
| Other, net | (1,393) | (51,609) | |||||
| Net cash used in financing activities | (158,530) | (460,076) | |||||
| Effect of foreign exchange rate changes on cash and cash equivalents | (7,743) | 2,072 | |||||
| Net increase in cash and cash equivalents | 316,159 | 62,607 | |||||
| Cash and cash equivalents at beginning of period | 210,112 | 147,505 | |||||
| Cash and cash equivalents at end of period | $ | 526,271 | $ | 210,112 | |||
Barry S. Logan
Watsco, Inc.
Executive Vice President
(305) 714-4102
e-mail: blogan@watsco.com
FAQ
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