Watsco, Inc. (NYSE:WSO) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET Company Participants Al Nahmad - Chairman and CEO Paul Johnston – EVP Barry Logan – EVP A.J. Nahmad – President Rick Gomez - VP Conference Call Participants Jeffrey Hammond - KeyBanc Capital Markets Inc. Tommy Moll - Stephens Inc. Ryan Merkel - William Blair Brett Linzey - Mizuho Patrick Baumann – J.P. Morgan David Manthey – Baird Nigel Coe - Wolfe Research Operator Good day, and welcome to the Watsco Second Quarter 2024 Earn ...

Watsco (WSO) came out with quarterly earnings of $4.49 per share, missing the Zacks Consensus Estimate of $4.75 per share. This compares to earnings of $4.42 per share a year ago. These figures are adjusted for nonrecurring items. Watsco, which belongs to the Zacks Building Products - Air Conditioner and Heating industry, posted revenues of $2.14 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.16%. This compares to year-ago revenues of $2 billion. The company has topped co ...

Continued Customer Adoption of Industry-Leading Technologies Helps Drive Share Gains; Debt-Free Balance Sheet Supports Long-Term Investment and Growth A cornerstone of Watsco's growth strategy is the acquisition of long-standing, family-owned businesses. Watsco has completed 69 acquisitions, achieving industry-leading scale and preserving many wonderful business legacies into future generations. Over the last five years, Watsco has acquired eight businesses that today generate approximately $1 billion in an ...

Continued Customer Adoption of Industry-Leading Technologies Helps Drive Share Gains; Debt-Free Balance Sheet Supports Long-Term Investment and Growth Since entering distribution in 1989, Watsco's operating profits have grown at a compounded annual growth rate (CAGR) of 18% and dividends have grown at a 21% CAGR. These long-term growth rates are indicative of strong and consistent performance across most macroeconomic and industry cycles. Second Quarter Results 8% increase in HVAC equipment (71% of sales) 1 ...

Continued Customer Adoption of Industry-Leading Technologies Helps Drive Share Gains; Debt-Free Balance Sheet Supports Long-Term Investment and Growth MIAMI, July 30, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced its operating results for the second quarter and six-month period ended June 30, 2024. Commentary was also provided on business trends, growth opportunities, technology innovation and its financial position. Watsco is the largest distributor in the highly fragmented $64 billion North ...

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. Estimate Revisions Trend The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the other hand, if they miss, the stock may move lower. This heating and cooling company is e ...

Company Overview - Watsco, Inc. operates the largest distribution network for heating, air conditioning, and refrigeration (HVAC/R) products across the United States, Canada, Mexico, and Puerto Rico, with additional export operations to Latin America and the Caribbean [5] - The company has 691 locations that serve over 375,000 owner-operators, technicians, and installers annually, providing information, technical support, and product sales [5] Market Focus - Watsco focuses on the replacement market, which is growing due to the aging of installed HVAC systems, the introduction of more energy-efficient models, and the essential nature of HVAC products in residential and commercial settings [6] - Approximately 102 million HVAC systems in the U.S. are over 10 years old and operate below current efficiency standards, indicating a significant opportunity for replacement [6] Environmental Impact - Watsco plays a crucial role in addressing climate change by contributing to the reduction of CO2e emissions through the sale of higher-efficiency HVAC systems [7] - HVAC systems account for about half of U.S. household energy consumption, making the replacement of older systems a vital strategy for reducing electricity use and carbon footprints [7] - From January 1, 2020, to June 30, 2024, Watsco is estimated to have averted 20.9 million metric tons of CO2e emissions, equivalent to removing 5 million gas-powered vehicles from the road annually [8]

Company Overview - Watsco, Inc. operates the largest distribution network for heating, air conditioning, and refrigeration (HVAC/R) products across the United States, Canada, Mexico, and Puerto Rico, with additional exports to Latin America and the Caribbean [4] - The company has 691 locations that serve over 375,000 owner-operators, technicians, and installers annually, providing information, technical support, and product sales [4] Market Insights - The replacement market for HVAC systems is growing due to the aging of installed systems, the introduction of more energy-efficient models, and the essential nature of HVAC products in residential and commercial settings [2] - Approximately 102 million HVAC systems in the U.S. have been in service for over 10 years, many of which operate below current minimum efficiency standards [2] Environmental Impact - Watsco has contributed to a significant reduction in CO2e emissions, averting an estimated 20.9 million metric tons from January 1, 2020, to June 30, 2024, through the sale of higher-efficiency replacement HVAC systems [5] - This reduction is equivalent to removing 5.0 million gas-powered vehicles from the road annually [5] - HVAC systems account for roughly half of U.S. household energy consumption, making the replacement of older systems with higher efficiency models critical for reducing electricity consumption and carbon footprints [8] Upcoming Events - Watsco will host a conference call on July 30, 2024, at 10:00 a.m. (EDT) to discuss its second-quarter results, with prepared remarks followed by a Q&A session [1][6] - Investors and analysts are encouraged to pre-register for the call to receive a unique PIN for immediate access [3]

We focus on the replacement market, which has increased in size and importance as a result of the aging of installed systems, the introduction of higher energy efficient models and the necessity of HVAC products in homes and businesses. According to data published in March 2023 by the Energy Information Administration, there are approximately 102 million HVAC systems installed in the United States that have been in service for more than 10 years, most of which operate well below current minimum efficiency s ...

MIAMI, July 01, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc.'s (NYSE: WSO) Board of Directors has declared a regular quarterly cash dividend of $2.70 on each outstanding share of its Common and Class B common stock payable on July 31, 2024 to shareholders of record at the close of business on July 16, 2024. Watsco has paid dividends to shareholders for 50 consecutive years. The Company's philosophy is to share cash flow through dividends while maintaining a conservative balance sheet with continued capacity to bui ...