Watsco’s Earnings Call to Discuss Second Quarter Results Scheduled on August 1, 2023
MIAMI, July 10, 2023 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced today that it will host a conference call to discuss its 2023 second quarter financial results on Tuesday, August 1, 2023 at 10:00 a.m. (EDT). Prepared remarks regarding the results will be followed by a question-and-answer session with the senior management team.
The conference call will be web-cast by CCBN's StreetEvents and can be found under the link highlighted on our website at www.watsco.com. The earnings results will be released before the market opens on August 1, 2023. A replay of the conference call will be available on our website.
Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.
To pre-register, go to: https://dpregister.com/sreg/10180759/f9e57267b0
Participants that would like to join, but have not pre-registered, can do so by dialing (844) 883-3908 within the United States or (412) 317-9254 internationally and asking for the “Watsco” call. Please call five to ten minutes prior to the scheduled start time as the number of telephone connections is limited.
Watsco is 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. Watsco estimates that over 350,000 contractors and technicians visit or call one of its 675 locations each year to get information, obtain technical support and buy products.
Our business is focused on the replacement market for both residential and commercial applications, which has increased in size and importance as a result of the aging of the installed base systems, the introduction of new higher energy efficient models to address both regulatory mandates as well as consumer optionality, the remodeling and expansion of homes and businesses, the addition of central air conditioning to structures that previously had only heating products and an overall unwillingness for homeowners or businesses to live without air conditioning or heating products. According to data published by the Energy Information Administration in May 2022 there are approximately 102 million central air conditioning and heating systems installed in the United States that have been in service for more than 10 years. Many installed units are currently reaching the end of their useful lives, provide a growing and stable replacement market.
Given our focus in the replacement market, Watsco has the opportunity to be a significant and important contributor toward climate change as its business plays an important role in the drive to lower CO2e emissions. According to the Department of Energy, heating and air conditioning accounts for roughly half of U.S. household energy consumption. As such, replacing HVAC systems at higher efficiency levels is one of the most meaningful steps homeowners can take to reduce electricity consumption and carbon footprint over time. The overwhelming majority of new HVAC systems sold by Watsco replace systems that likely operate well below current minimum efficiency standards in the U.S. As consumers replace HVAC systems with new, higher-efficiency systems, homeowners will consume less energy, save costs, and reduce the carbon footprint over time.
Based on estimates validated by independent sources, Watsco averted an estimated 15.8 million metric tons of CO2e emissions from January 1, 2020 to December 31, 2022 through the sale of replacement HVAC systems at higher-efficiency standards (an equivalent of removing 3.4 million gas powered vehicles off the road for a year). More information, including sources and assumptions used to support the Company’s estimates, can be found at www.watsco.com.
Barry S. Logan
Executive Vice President
(305) 714-4102
e-mail: blogan@watsco.com
