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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. (NYSE: WSO), the largest distributor of HVAC/R products, announced its participation in the 12th Annual Morgan Stanley Laguna Conference. Rick Gomez, Vice President of Corporate Development, will present on September 11, 2024, at 3:10 p.m. PDT. A live webcast will be available on Watsco's website.
Watsco operates in the HVAC/R replacement market, which has grown due to aging systems and the need for energy-efficient models. With approximately 102 million HVAC systems over 10 years old in the U.S., Watsco plays a important role in reducing CO2e emissions. From January 2020 to June 2024, the company averted an estimated 20.9 million metric tons of CO2e emissions through the sale of higher-efficiency HVAC systems, equivalent to removing 5 million gas-powered vehicles annually.
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) has announced its 2024 second quarter earnings call, scheduled for July 30, 2024, at 10:00 a.m. EDT. The call will be web-cast and available on the company's website. Watsco, the largest distributor of HVAC/R products in North America, serves over 375,000 professionals annually through its 691 locations. The company focuses on the replacement market, which has grown due to aging systems and increased energy efficiency demands.
Notably, Watsco has contributed significantly to reducing CO2e emissions. From January 2020 to June 2024, the company estimates it has averted 20.9 million metric tons of CO2e emissions through the sale of higher-efficiency HVAC systems, equivalent to removing 5 million gas-powered vehicles from the road annually.
Watsco's Board of Directors declared a $2.70 quarterly cash dividend payable on July 31, 2024, to shareholders of record by July 16, 2024. This marks 50 consecutive years of dividend payments. The company maintains a conservative balance sheet and considers future dividend changes based on investment opportunities and economic conditions. Watsco, operating the largest HVAC/R distribution network in North America and exporting to Latin America and the Caribbean, serves over 375,000 professionals annually. Their focus on replacing older HVAC systems with higher efficiency models promotes significant CO2 emission reductions, having averted 20.1 million metric tons of CO2e emissions from January 2020 to March 2024.
Watsco, a major distributor of HVAC/R products, announced that its Executive Vice President, Barry Logan, will present at the William Blair 44th Annual Growth Stock Conference on June 4, 2024, at 3:20 p.m. CDT in Chicago. The presentation will be live-streamed on Watsco's Investor Relations webpage. The company operates 691 locations across North America and the Caribbean, servicing over 375,000 industry professionals annually. Highlighting its focus on replacing aging HVAC systems, Watsco reported averted CO2e emissions of 20.1 million metric tons from January 2020 to March 2024. This is equivalent to removing 4.8 million gas-powered vehicles from the road each year.
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