- Watsco press release ( NYSE: WSO ): Q3 GAAP EPS of $4.03 misses by $0.43 .
- Revenue of $2.04B (+14.0% Y/Y) misses by $10M .
- 13% increase in HVAC equipment (69% of sales), including 14% growth in the U.S. (13% growth for residential products and 20% growth for commercial products)
- 15% increase in other HVAC products (27% of sales)
- 18% increase in commercial refrigeration products (4% of sales)
- Albert Nahmad, Watsco’s Chairman and CEO said: “Watsco is proud to deliver another record quarter and dividend increase, which reflects our confidence in the long-term prospects of our business. Third quarter sales reflect normalized residential HVAC equipment volumes, effective price realization, sustained progression towards higher-efficiency systems, which grew 26% during the quarter, a greater mix of heat pumps and strong growth in commercial HVAC systems. While Hurricane Ian impacted sales in Florida, our largest market, we are confident in our ability to participate in the recovery of Florida’s west coast in 2023 given our strong presence in the affected areas.”
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Watsco GAAP EPS of $4.03 misses by $0.43, revenue of $2.04B misses by $10M