WSO - Watsco Inc. (WSO) Q4 2023 Earnings Call Transcript
2024-02-13 21:55:23 ET
Watsco, Inc. (WSO)
Q4 2023 Earnings Conference Call
February 13, 2024 10:00 AM ET
Company Participants
Albert Nahmad - Chairman and CEO
A.J. Nahmad - President
Barry Logan - EVP
Paul Johnston - EVP
Rick Gomez - VP
Conference Call Participants
Tommy Moll - Stephens
Ryan Merkel - William Blair
David Manthey - Baird
Brett Linzey - Mizuho
Jeffrey Sprague - Vertical Research
Joe Ahlersmeyer - Deutsche Bank
Jeff Hammond - KeyBanc Capital Markets
Steve Tusa - JPMorgan
Damian Karas - UBS
Presentation
Operator
Good morning, and welcome to the Watsco Fourth Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Albert Nahmad, Chairman and CEO. Please go ahead.
Albert Nahmad
Thank you, and good morning, everyone. Welcome to our fourth quarter earnings call. This is Al Nahmad, Chairman and CEO. With me is A.J. Nahmad, Watsco's President; and Paul Johnston, Barry Logan and Rick Gomez.
Now before we start, our cautionary statement, as always, this conference call has forward-looking statements as defined by the SEC laws and regulations that are made pursuant to safe harbor provisions of these various laws. Ultimate results may differ materially from forward-looking statements.
Now, Watsco delivered strong results in 2023 despite some market conditions which were somewhat inevitable after two extraordinary years in 2021 and 2022. While reflecting in the year's results, I am proud of the accomplishments we delivered. We achieved market share gain in markets we serve. We further scaled Watsco's industry-leading technology platforms. We had a successful start driving down long-term productivity gains. I should say, we had a successful start driving long-term productivity gains. We expanded our network and product offerings by acquiring great businesses through our scale, and we fortified our balance sheet through inventory reduction and generated record fourth quarter cash flow....
Watsco, Inc. (WSO) Q4 2023 Earnings Call Transcript