Watsco Inc. reported first quarter sales of $291 million, a decline of 23% over 2008.
Inc.(Miami, FL) reported first quarter sales of $291 million, a
decline of 23% over 2008. The independent distributor of air conditioning,
heating and refrigeration products recorded a sizable net loss of $1.2 million
for the period, compared to profit of $7.6 million the prior year.
Sales results were impacted by the economic environment,
especially during the seasonally slower first quarter, and include a 22%
decrease in the sale of air conditioning equipment, a 26% decrease in other
HVAC products and an 18% decrease in the sale of refrigeration products.
Revenues were also impacted by pricing and gross margin pressure on certain
commodity products (13% of sales) as well as notable weakness in the Company’s
western operations (10% of sales).
Although the company felt the impact of the current economy
during its seasonally slower first quarter,Albert H. Nahmad,
Watsco’s President and CEO said, “We are pleased with the continued improvement
in sales mix of more energy-efficient and environmentally friendly products in
this current market environment. We anticipate this trend will continue as we
move into the replacement season during the summer months.”
Editor’s Note: Watsco Inc. placed #6 in this year’s Supply
House Times’ Premier 150.Read
more herein our May cover story.