MIAMI, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced today that it has scheduled a conference call to discuss its 2024 fourth quarter performance and annual results on Tuesday, February 18, 2025 at 10:00 a.m. (ET). 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 r ...

MIAMI, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced today that Rick Gomez, Vice President of Corporate Development, is scheduled to present at the Stephens Investment Conference being held at the Grand Hyatt in Nashville, Tennessee on Tuesday, November 19, 2024 at 2:00 p.m. (CT). Internet users can listen to a live webcast of the presentation at the Investor Relations section of Watsco’s website at http://www.watsco.com. About Watsco Watsco is the largest distributor of heating, air ...

Revenue and Sales Performance - Revenues for Q3 2024 increased by $33.2 million (2%) compared to Q3 2023, reaching $2,160.0 million[73] - Same-store sales for Q3 2024 were $2,119.8 million, a slight decrease of $4.5 million (0%) compared to Q3 2023[73] - Revenues for the nine months ended September 30, 2024 increased by $183.8 million (3%) to $5,864.4 million, driven by new locations[79] HVAC Equipment Sales - HVAC equipment sales accounted for 71% of total sales in Q3 2024, up 1% from 70% in Q3 2023[74] - Commercial HVAC equipment sales increased by 6% in Q3 2024, with a 12% increase in international markets[74] - Residential unitary compressor-bearing systems sales decreased by 2% in Q3 2024, with a 1% decrease in average selling price and unit volume[74] - HVAC equipment sales increased by 3% in 2024, with residential products up 2% and commercial HVAC equipment up 6%[80] Profitability and Margins - Net income attributable to Watsco, Inc. for Q3 2024 was 7.9% of revenues, slightly down from 8.0% in Q3 2023[69] - Gross profit for Q3 2024 was $566.2 million, a slight decrease of $0.7 million (0%) compared to Q3 2023[75] - Gross margin declined by 50 basis-points to 26.2% in Q3 2024, primarily due to pricing and sales mix for HVAC equipment[76] - Net income attributable to Watsco, Inc. for the nine months ended September 30, 2024 decreased by $14.3 million (3%) compared to the same period in 2023[86] - Gross profit margin for the nine months ended September 30, 2024 declined by 90 basis-points to 26.9%, impacted by pricing and sales mix[81] Expenses and Costs - Selling, general and administrative expenses increased by 2% to $326.4 million in Q3 2024, driven by higher revenues[76] - Selling, general and administrative expenses for the nine months ended September 30, 2024 increased by $44.0 million (5%) to $955.0 million, primarily due to increased revenues and newly acquired locations[82] Environmental Impact and Government Programs - The company averted an estimated 21.8 million metric tons of CO2e emissions from January 1, 2020, to September 30, 2024, through the sale of higher-efficiency HVAC systems[63] - The U.S. Inflation Reduction Act of 2022 allocated $4.3 billion for state-administered consumer rebate programs, including HVAC systems[64] Operational Disruptions - Hurricane Helene and Hurricane Milton caused disruptions in Q3 2024, but the impact on operations was not significant[65] Financial Activities and Investments - Interest income, net for the nine months ended September 30, 2024 increased by $20.1 million (339%) due to higher interest earned on cash and short-term investments[84] - Cash flows provided by operating activities for the nine months ended September 30, 2024 increased by $130.9 million to $394.2 million, primarily due to the timing of vendor payments[93] - No outstanding balance under the revolving credit agreement at September 30, 2024, compared to $15.4 million outstanding at December 31, 2023[98] - Issued and sold 712,000 shares of Common stock under the 2021 ATM Program for net proceeds of $281.8 million during Q1 2024[100] - Executed the 2024 ATM Program enabling issuance of up to $400.0 million of Common stock, with $400.0 million available for sale at September 30, 2024[101] - Obligated under non-cancelable purchase orders for goods aggregating approximately $460.0 million at September 30, 2024, with $250.0 million attributable to Carrier and its affiliates[103] - Carrier Enterprise I, with an 80% controlling interest, holds a 38.4% ownership in RSI, valued at approximately $477.0 million at September 30, 2024[105] - Acquired CSI for $6.0 million in cash, $0.8 million in Common stock, and $0.6 million for repayment of indebtedness, net of cash acquired of $1.4 million[108] - Acquired GWS for $4.0 million in cash and $101.6 million in Common stock, net of cash acquired of $3.1 million[109] Dividends and Share Repurchases - Paid cash dividends of $7.85 and $7.35 per share on Common and Class B common stock during the nine months ended September 30, 2024 and 2023, respectively[113] - Issued 13,394 and 13,398 shares of common stock under the Dividend Reinvestment Plan during the quarter and nine months ended September 30, 2024, respectively[115] - 6,370,913 shares of Common and Class B common stock repurchased at a cost of $114.4 million since the inception of the share repurchase program, with 1,129,087 shares remaining authorized for repurchase at September 30, 2024[116] Company Operations and Locations - The company operated from 689 locations as of September 30, 2024, a decrease from 691 locations in September 2023[72]

Watsco, Inc. (NYSE: WSO ) reported mixed Q3 2024 results, but the company sees an improving market opportunity on the horizon. The company expects the shift to A2L refrigerants to drive both pricing and demand tailwinds throughI hold a Master's in Accounting, am a small business owner, and am an assistant investing educator for beginning and intermediate individual investors. My investing analysis focus is on identifying and developing deep knowledge of great businesses. I have helped manage businesses, spe ...

Watsco, Inc.’s (WSO) shares plunged 3.8% on Wednesday after it reported unimpressive third-quarter 2024 results. Both the earnings and revenues missed the Zacks Consensus Estimate.On a year-over-year basis, the top line increased, driven by better commercial HVAC systems and stable residential HVAC equipment. However, bottom lines declined due to higher costs.Watsco is steadily advancing toward its goal of expanding customer-focused technologies to a growing number of contractors. Its e-commerce sales have ...

Watsco, Inc. (NYSE:WSO) Q3 2024 Earnings Conference Call October 23, 2024 10:00 AM ET Company Participants Albert Nahmad - Chairman and CEO Paul Johnston - Executive Vice President Barry Logan - Executive Vice President of Planning and Strategy and Secretary A.J. Nahmad - President Rick Gomez - Vice President Conference Call Participants David Manthey - Robert W. Baird & Co. Tommy Moll - Stephens Inc. Jeffrey Hammond - KeyBanc Capital Markets Inc. Ryan Merkel - William Blair Patrick Baumann - JP. Morgan Nig ...

Watsco (WSO) came out with quarterly earnings of $4.22 per share, missing the Zacks Consensus Estimate of $4.84 per share. This compares to earnings of $4.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.81%. A quarter ago, it was expected that this heating and cooling company would post earnings of $4.75 per share when it actually produced earnings of $4.49, delivering a surprise of -5.47%.Over the last four quarters, t ...

Exhibit 99.1 Watsco Reports Record Sales, Enhanced Operating Efficiency, Strong Cash Flow and Improving Business Trends Entrepreneurial Culture, Debt-Free Balance Sheet, Leading Technologies and Upcoming Regulatory Change Support Long-Term Investment and Growth MIAMI, FLORIDA – (GLOBENEWSWIRE), October 23, 2024 – Watsco, Inc. (NYSE: WSO) announced its results for the third quarter and ninemonth period ended September 30, 2024 and provided commentary on business trends, growth opportunities, technology innov ...

MIAMI, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced its results for the third quarter and nine-month period ended September 30, 2024 and provided commentary on business trends, growth opportunities, technology innovation and its financial strength. Watsco is the largest distributor in the highly fragmented $64 billion North American HVAC/R market, with nearly 700 locations across the U.S., Canada and Latin America. Watsco estimates that it provides services on a local basis to over 3 ...

Watsco, Inc. (WSO) is slated to release third-quarter 2024 results on Oct. 23, before market open.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 4.5%, but sales beat the same by 0.3%. On a year-over-year basis, earnings and sales increased 1.6% and 6.8%, respectively.Watsco's earnings topped the consensus mark in one of the last four quarters and missed on other three occasions, the negative ...