Watsco Reports Record Sales, Enhanced Operating Efficiency and Strong Cash Flow During Second Quarter
Watsco (NYSE: WSO) reported record sales and enhanced operating efficiency for Q2 2024. Key highlights include:
- Revenue increased 7% to a record $2.1 billion (4% same-store growth)
- Gross profit up 3% to $580 million (27.1% margin)
- Operating income of $269 million (12.6% margin)
- EPS of $4.49 vs $4.42 last year
- Operating cash flow improved by $100 million year-over-year
The company's growth strategy focuses on acquisitions, technology innovation, and industry catalysts like regulatory changes and electrification trends. Watsco maintains a strong financial position with $425 million in cash and no borrowings, supporting future growth opportunities.
Watsco (NYSE: WSO) ha riportato vendite record e una maggiore efficienza operativa per il secondo trimestre del 2024. I punti salienti includono:
- I ricavi sono aumentati del 7% raggiungendo un record di 2,1 miliardi di dollari (crescita del 4% nelle vendite a negozio comparabile)
- L'utile lordo è aumentato del 3% a 580 milioni di dollari (margine del 27,1%)
- L'utile operativo è stato di 269 milioni di dollari (margine del 12,6%)
- EPS di 4,49 dollari rispetto a 4,42 dollari dell'anno precedente
- I flussi di cassa operativi sono migliorati di 100 milioni di dollari anno su anno
La strategia di crescita dell'azienda si concentra su acquisizioni, innovazione tecnologica e catalizzatori del settore come cambiamenti normativi e tendenze di elettrificazione. Watsco mantiene una solida posizione finanziaria con 425 milioni di dollari in contante e nessun indebitamento, a supporto delle opportunità di crescita future.
Watsco (NYSE: WSO) reportó ventas récord y una mayor eficiencia operativa para el segundo trimestre de 2024. Los aspectos más destacados incluyen:
- Los ingresos aumentaron un 7% alcanzando un récord de 2.1 mil millones de dólares (crecimiento del 4% en tiendas comparables)
- La ganancia bruta aumentó un 3% a 580 millones de dólares (margen del 27.1%)
- El ingreso operativo fue de 269 millones de dólares (margen del 12.6%)
- EPS de 4.49 dólares en comparación con 4.42 dólares el año pasado
- El flujo de caja operativo mejoró en 100 millones de dólares año tras año
La estrategia de crecimiento de la empresa se centra en adquisiciones, innovación tecnológica y catalizadores de la industria como cambios regulatorios y tendencias de electrificación. Watsco mantiene una sólida posición financiera con 425 millones de dólares en efectivo y sin deudas, apoyando futuras oportunidades de crecimiento.
Watsco (NYSE: WSO)는 2024년 2분기에 대한 기록적인 매출과 향상된 운영 효율성을 보고했습니다. 주요 내용은 다음과 같습니다:
- 수익은 7% 증가하여 21억 달러의 기록을 세웠습니다 (동일 매장 성장률 4%)
- 총 이익은 3% 증가하여 5억 8천만 달러에 달했으며 (27.1%의 마진)
- 운영 소득은 2억 6천9백만 달러 (12.6%의 마진)
- 주당 순이익은 4.49달러로 작년 4.42달러와 비교됩니다.
- 지난해 대비 운영 현금 흐름은 1억 달러 개선되었습니다.
회사의 성장 전략은 인수, 기술 혁신, 그리고 규제 변화나 전기화 동향과 같은 산업 촉매에 중점을 두고 있습니다. Watsco는 4억 2천5백만 달러의 현금을 보유하고 있으며, 부채가 없어 강력한 재무 상태를 유지하고 있으며, 이는 미래 성장 기회를 지원합니다.
Watsco (NYSE: WSO) a annoncé des ventes record et une efficacité opérationnelle améliorée pour le deuxième trimestre de 2024. Les points saillants comprennent :
- Les revenus ont augmenté de 7 % pour atteindre un record de 2,1 milliards de dollars (croissance de 4 % dans les magasins comparables)
- Le bénéfice brut a progressé de 3 % à 580 millions de dollars (marge de 27,1 %)
- Le bénéfice opérationnel s'élève à 269 millions de dollars (marge de 12,6 %)
- Le bénéfice par action est de 4,49 dollars contre 4,42 dollars l'année dernière
- Le flux de trésorerie d'exploitation a amélioré de 100 millions de dollars d'une année sur l'autre
La stratégie de croissance de l'entreprise se concentre sur les acquisitions, l'innovation technologique et des catalyseurs industriels tels que les changements réglementaires et les tendances d'électrification. Watsco maintient une solide position financière avec 425 millions de dollars en liquidités et aucune dette, soutenant ainsi les opportunités de croissance futures.
Watsco (NYSE: WSO) hat Rekordverkäufe und verbesserte Betriebseffizienz für das 2. Quartal 2024 gemeldet. Wichtige Highlights sind:
- Der Umsatz stieg um 7 % auf einen Rekord von 2,1 Milliarden USD (4 % Wachstum im Vergleich zu Vorjahresumsätzen)
- Der Bruttogewinn stieg um 3 % auf 580 Millionen USD (Marge von 27,1 %)
- Das Betriebsergebnis betrug 269 Millionen USD (Marge von 12,6 %)
- EPS von 4,49 USD im Vergleich zu 4,42 USD im Vorjahr
- Der operative Cashflow verbesserte sich um 100 Millionen USD im Vergleich zum Vorjahr
Die Wachstumsstrategie des Unternehmens konzentriert sich auf Akquisitionen, technologische Innovationen und branchenspezifische Katalysatoren wie regulatorische Änderungen und Elektrifizierungstrends. Watsco hat eine starke finanzielle Position mit 425 Millionen USD in bar und keinen Schulden, was zukünftige Wachstumschancen unterstützt.
- Record Q2 revenue of $2.1 billion, up 7% (4% same-store growth)
- Gross profit increased 3% to $580 million
- Operating income of $269 million with 12.6% margin
- EPS improved to $4.49 from $4.42 last year
- Operating cash flow improved by $100 million year-over-year
- Strong balance sheet with $425 million in cash and no borrowings
- 13% growth in e-commerce sales, accounting for 36% of total sales
- Increased annual dividend rate by 10% to $10.80 per share
- Slight decline in gross margin to 27.1% from previous year
- 1% decline in other HVAC products sales (25% of total sales)
- First-half EPS decreased to $6.69 from $7.25 last year
Insights
Watsco's Q2 2024 results demonstrate solid performance with record sales and improved operating efficiency. The
The company's focus on technology adoption is paying dividends, with e-commerce sales growing
Watsco's strong balance sheet, with
However, investors should note the slight decline in gross margin and the slower growth in non-equipment HVAC products. The upcoming regulatory changes in the industry could present both opportunities and challenges for Watsco.
Watsco's Q2 results reflect broader trends in the HVAC industry. The
The company's focus on heat pump systems, with sales exceeding
Watsco's investment in digital tools like HVAC Pro+ and OnCallAir® is transforming contractor interactions. The
The upcoming regulatory changes, including new energy efficiency standards and refrigerants, present significant opportunities for Watsco. As the largest distributor in a fragmented market, Watsco is well-positioned to capitalize on these industry shifts.
Watsco's performance should be viewed in the context of the broader
The
Watsco's 'buy and build' strategy, having completed 69 acquisitions to date, remains a key growth driver. With an estimated 2,200 independent distributors still in the market, there's significant runway for further consolidation.
The company's focus on the replacement market is strategically sound, given the 102 million HVAC systems over 10 years old in the U.S. This aging installed base, coupled with increasing energy efficiency requirements, presents a substantial long-term growth opportunity.
Watsco's environmental impact, having averted an estimated 20.9 million metric tons of CO2e emissions since 2020, aligns with growing ESG concerns and could appeal to socially conscious investors.
Continued Customer Adoption of Industry-Leading Technologies Helps Drive Share Gains;
Debt-Free Balance Sheet Supports Long-Term Investment and Growth
MIAMI, July 30, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced its operating results for the second quarter and six-month period ended June 30, 2024. Commentary was also provided on business trends, growth opportunities, technology innovation and its financial position.
Watsco is the largest distributor in the highly fragmented
Since entering distribution in 1989, Watsco’s operating profits have grown at a compounded annual growth rate (CAGR) of
A cornerstone of Watsco’s growth strategy is the acquisition of long-standing, family-owned businesses. Watsco has completed 69 acquisitions, achieving industry-leading scale and preserving many wonderful business legacies into future generations. Over the last five years, Watsco has acquired eight businesses that today generate approximately
Watsco has also developed industry-leading technologies to enhance the customer experience, gain operating efficiencies and drive growth. Today, approximately 60,000 contractors and technicians engage with Watsco digitally, which is complimented by modern, state-of-the-art technologies in each of our locations to better serve customers. We have achieved stronger sales growth rates among our digitally engaged customers, increased penetration with new customers and lowered overall customer attrition. Follow-on investments are being made to enhance current technologies and to grow customer adoption. The Company believes these technologies will continue to be an important catalyst for long-term growth and performance.
Second Quarter Results
- Revenue increased
7% to a record$2.1 billion (4% increase on a same-store basis) - Gross profit increased
3% to$580 million (27.1% gross margin) - SG&A increased
5% (2% increase on a same-store basis) and improved 30 basis-points as a percentage of sales - Operating income of
$269 million (operating margin of12.6% ) - Earnings per share of
$4.49 versus$4.42 last year - Operating cash flow improved by
$100 million compared to last year ($58 million of cash flow in 2024 versus a$42 million cash use in 2023)
Sales trends (excluding acquisitions)
8% increase in HVAC equipment (71% of sales)1% decline in other HVAC products (25% of sales)1% increase in commercial refrigeration products (4% of sales)
Albert H. Nahmad, Watsco’s Chairman and CEO noted: “We are pleased with our second quarter results, which reflect record sales, strong cash flow and a strengthened balance sheet, which is particularly gratifying during our peak selling season. In addition, we made strides toward producing greater operating efficiencies across our network, as evidenced by our SG&A performance. We now look ahead to the next important regulatory transition and the introduction of new products by our OEM partners later this year.”
Second quarter sales reflect healthier residential end-markets, reflecting
First-Half Results
- Revenue increased
4% to a record$3.7 billion (1% increase on a same-store basis) - Gross profit of
$1.0 billion (27.3% gross margin) - SG&A increase of
6% (3% increase on a same-store basis) - Operating income of
$395 million (operating margin of10.7% ) - Earnings per share of
$6.69 versus$7.25 last year - Operating cash flow improved by
$250 million compared to last year ($161 million of cash flow in 2024 versus an$89 million cash use in 2023)
Sales trends (excluding acquisitions)
4% increase in HVAC equipment (70% of sales)3% decline in other HVAC products (26% of sales)2% increase in commercial refrigeration products (4% of sales)
Mr. Nahmad further commented: “Given our strong balance sheet and solid cash flow, Watsco is well-positioned to invest in future growth opportunities to expand our business. We look forward to investing in market share opportunities as the upcoming regulatory change and product transitions unfold. We are also prepared to partner with other great family businesses in our industry. Our scale, technology and entrepreneurial culture gives us confidence in the growth outlook.”
Technology Transformation
Watsco has developed the industry’s leading digital ecosystem of technologies that transform the customer experience and reshape how our industry operates. Through platforms like HVAC Pro+ and OnCallAir®, Watsco has enabled above-market growth for its customers and, in turn, has made it easier for contractors to do business thereby improving their speed, efficiency and profitability. Updates to our various technology initiatives include:
- Product Information Management (PIM), Watsco’s repository of rich product information, is delivered seamlessly through its mobile apps and e-commerce platform. Watsco’s PIM database contains more than 1.5 million SKUs accessible to more than 375,000 contractors and technicians annually.
- HVAC Pro+ Mobile Apps provide contractors real-time access to critical information that improves speed to market and enhances efficiency for the customer. This includes real-time technical support, product specifications, inventory availability, warranty look-up and processing, system matchups, e-commerce, and much more. The community of authenticated users (those linked to an e-commerce account) over the 12-month period ended June 30, 2024 expanded
12% to approximately 60,000 users. - E-commerce sales continue to outpace overall sales growth rates, growing
13% during the quarter and accounting for36% of total sales (inclusive of revenues from recently acquired businesses), and in some regions, exceed60% of total sales. - OnCallAir®, Watsco’s digital sales platform, has increased penetration among HVAC contractors as digital engagement with homeowners expands. The annualized gross merchandise value (GMV) of products sold by customers through OnCallAir® was approximately
$1.4 billion for the twelve-month period ended June 30, 2024. During the first-half of 2024, OnCallAir® presented quotes to approximately 160,000 households, an18% increase, and generated$743 million GMV, a27% increase, versus the comparable period last year.
A.J. Nahmad, Watsco’s President, commented: “We continue to make good progress towards our goal of scaling Watsco’s customer-focused technologies to more and more contractors. Our e-commerce sales grew at nearly double the rate of overall sales, indicating more progress in scaling our industry-leading tools and platforms. We are also engaging with more contractors and technicians than ever before through our mobile platforms, which should generate more operating efficiencies over time. I am encouraged by our progress and we have produced great results, but I feel the bulk of the benefit from our technology investments remains ahead of us.”
Long-Term Growth Drivers
In addition to the Company’s unique technology investments that are expected to drive future growth, Watsco believes that various industry-driven catalysts will support continued growth and profitability in the years ahead. These industry catalysts – coupled with Watsco’s scale, technology platforms, OEM relationships and entrepreneurial culture – are competitive advantages that we believe position us favorably over the long-term.
Regulatory Changes. New energy efficiency standards and a new generation of refrigerants translate to more product innovation, improved homeowner energy efficiency, reduced carbon footprint of end-users, and increased average selling prices over time.
Technology Investments. Watsco is investing to enhance its technology advantage in the HVAC/R distribution industry. Customers who become active users of our technology platforms produce higher growth rates and exhibit approximately
Electrification of Heating Systems. Regulatory catalysts and electrification trends are also influencing the adoption of heat pump HVAC systems in lieu of traditional gas furnaces and other forms of fossil-fuel heating. For the twelve-month period ended June 30, 2024, sales of heat pump HVAC systems exceeded
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. We are the leading distributor of ductless products in North America, representing approximately 20 brands manufactured around the world. Long-term growth in sales of ductless HVAC systems continue to outpace growth rates of conventional ducted HVAC systems.
Buy and Build Acquisition Strategy. Watsco has been the partner of choice for 69 market-leading independent distributors, and these acquisitions are an important long-term driver of the Company’s growth and scale. Our “buy and build” strategy builds upon their long-standing legacies through investment in new locations, new products and by leveraging Watsco’s technology platforms. The
Cash Flow, Financial Strength and Liquidity
Watsco’s strong balance sheet and liquidity are key components of the Company’s ability to drive growth across any industry or macroeconomic cycle. As of June 30, 2024, Watsco had
Watsco has paid dividends for 50 consecutive years. The Company increased its annual dividend rate by
Second Quarter Earnings Conference Call Information
Date and time: July 30, 2024 at 10:00 a.m. (EDT)
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
Use of Non-GAAP Financial Information
This release discloses certain performance measures on a “same-store basis”, which are non-GAAP and excludes the effects of locations closed, acquired or locations 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.
About Watsco
Watsco operates the largest distribution network for 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.
We focus 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 20.9 million metric tons of CO2e emissions from January 1, 2020 to June 30, 2024 through the sale of replacement HVAC systems at higher-efficiency standards, an equivalent of removing 5.0 million gas powered vehicles annually off the road. More information, including sources and assumptions used to support the Company’s estimates, can be found at www.watsco.com.
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 share and per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | $ | 2,139,328 | $ | 2,003,084 | $ | 3,704,319 | $ | 3,553,725 | |||||||
Cost of sales | 1,559,568 | 1,440,462 | 2,693,934 | 2,542,946 | |||||||||||
Gross profit | 579,760 | 562,622 | 1,010,385 | 1,010,779 | |||||||||||
Gross profit margin | 27.1 | % | 28.1 | % | 27.3 | % | 28.4 | % | |||||||
SG&A expenses | 319,029 | 304,155 | 628,577 | 591,212 | |||||||||||
Other income | 8,072 | 7,238 | 13,532 | 10,878 | |||||||||||
Operating income | 268,803 | 265,705 | 395,340 | 430,445 | |||||||||||
Operating margin | 12.6 | % | 13.3 | % | 10.7 | % | 12.1 | % | |||||||
Interest (income) expense, net | (4,913 | ) | 3,415 | (7,383 | ) | 4,030 | |||||||||
Income before income taxes | 273,716 | 262,290 | 402,723 | 426,415 | |||||||||||
Income taxes | 59,065 | 56,887 | 83,810 | 90,641 | |||||||||||
Net income | 214,651 | 205,403 | 318,913 | 335,774 | |||||||||||
Less: net income attributable to non-controlling interest | 33,241 | 32,639 | 50,499 | 52,937 | |||||||||||
Net income attributable to Watsco | $ | 181,410 | $ | 172,764 | $ | 268,414 | $ | 282,837 | |||||||
Diluted earnings per share: | |||||||||||||||
Net income attributable to Watsco shareholders | $ | 181,410 | $ | 172,764 | $ | 268,414 | $ | 282,837 | |||||||
Less: distributed and undistributed earnings allocated to restricted common stock | 12,608 | 11,916 | 18,788 | 19,322 | |||||||||||
Earnings allocated to Watsco shareholders | $ | 168,802 | $ | 160,848 | $ | 249,626 | $ | 263,515 | |||||||
Weighted-average Common and Class B common shares and equivalent shares used to calculate diluted earnings per share | 37,627,637 | 36,429,937 | 37,313,593 | 36,366,237 | |||||||||||
Diluted earnings per share for Common and Class B common stock | $ | 4.49 | $ | 4.42 | $ | 6.69 | $ | 7.25 | |||||||
WATSCO, INC. | |||||
Condensed Consolidated Balance Sheets | |||||
(Unaudited, in thousands) | |||||
June 30, | December 31, | ||||
2024 | 2023 | ||||
Cash and cash equivalents | $ | 224,854 | $ | 210,112 | |
Short-term cash investments | 200,000 | - | |||
Accounts receivable, net | 1,001,329 | 797,832 | |||
Inventories, net | 1,573,496 | 1,347,289 | |||
Other | 34,718 | 36,698 | |||
Total current assets | 3,034,397 | 2,391,931 | |||
Property and equipment, net | 138,301 | 136,230 | |||
Operating lease right-of-use assets | 384,816 | 368,748 | |||
Goodwill, intangibles, net and other | 837,810 | 832,273 | |||
Total assets | $ | 4,395,324 | $ | 3,729,182 | |
Accounts payable and accrued expenses | $ | 840,758 | $ | 611,747 | |
Current portion of lease liabilities | 104,409 | 100,265 | |||
Total current liabilities | 945,167 | 712,012 | |||
Borrowings under revolving credit agreement | - | 15,400 | |||
Operating lease liabilities, net of current portion | 307,118 | 289,127 | |||
Deferred income taxes and other liabilities | 98,849 | 96,453 | |||
Total liabilities | 1,351,134 | 1,112,992 | |||
Watsco's shareholders’ equity | 2,610,837 | 2,229,839 | |||
Non-controlling interest | 433,353 | 386,351 | |||
Shareholders’ equity | 3,044,190 | 2,616,190 | |||
Total liabilities and shareholders’ equity | $ | 4,395,324 | $ | 3,729,182 | |
WATSCO, INC. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(Unaudited, in thousands) | |||||||
Six Months Ended June 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 318,913 | $ | 335,774 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 19,893 | 16,615 | |||||
Share-based compensation | 16,517 | 13,529 | |||||
Non-cash contribution to 401(k) plan | 8,735 | 8,862 | |||||
Provision for doubtful accounts | 1,569 | 1,405 | |||||
Other income from investment in unconsolidated entity | (13,532 | ) | (10,878 | ) | |||
Other, net | 3,862 | 2,961 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||
Accounts receivable, net | (203,962 | ) | (243,440 | ) | |||
Inventories, net | (225,984 | ) | (313,634 | ) | |||
Accounts payable and other liabilities | 233,517 | 103,442 | |||||
Other, net | 1,913 | (3,815 | ) | ||||
Net cash provided by (used in) operating activities | 161,441 | (89,179 | ) | ||||
Cash flows from investing activities: | |||||||
Purchases of short-term cash investments | (200,000 | ) | - | ||||
Capital expenditures, net | (12,142 | ) | (14,599 | ) | |||
Business acquisitions, net of cash acquired | (5,173 | ) | (2,989 | ) | |||
Net cash used in investing activities | (217,315 | ) | (17,588 | ) | |||
Cash flows from financing activities: | |||||||
Net proceeds from the sale of Common stock | 281,784 | 15,179 | |||||
Net (repayments) proceeds under revolving credit agreement | (15,400 | ) | 286,500 | ||||
Dividends on Common and Class B Common stock | (205,568 | ) | (190,409 | ) | |||
Other, net | 12,994 | 9,198 | |||||
Net cash provided by financing activities | 73,810 | 120,468 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | (3,194 | ) | 1,320 | ||||
Net increase in cash and cash equivalents | 14,742 | 15,021 | |||||
Cash and cash equivalents at beginning of period | 210,112 | 147,505 | |||||
Cash and cash equivalents at end of period | $ | 224,854 | $ | 162,526 | |||
Barry S. Logan
Executive Vice President
(305) 714-4102
e-mail: blogan@watsco.com
FAQ
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