Financial Performance - Fourth quarter sales increased by 9% to a record 1.75billion,withgrossprofitrising13468 million[8] - Operating income grew by 26% to 136million,withanoperatingmarginexpansionof110basispointsto7.87.62 billion, representing a 5% increase, with a same-store growth of 3%[14] - E-commerce sales grew by 8% to 2.6billionfortheyear,accountingfor351,753,962, a 9.4% increase from 1,603,197inQ42023[32]−NetincomeattributabletoWatscowas96,841 in Q4 2024, up from 82,547inQ42023,representinga17.5781,775, slightly down from 794,810in2023,adecreaseof1.813.30, compared to 13.67in2023,showingadecreaseof2.7773 million, representing 122% of net income[16] - Cash and cash equivalents at the end of 2024 were 526,271,significantlyhigherthan210,112 at the end of 2023, marking a 150.5% increase[34] - Net cash provided by operating activities for 2024 was 773,102,comparedto561,954 in 2023, indicating a 37.5% increase[36] - Total assets increased to 4,479,523in2024,upfrom3,729,182 in 2023, reflecting a growth of 20.1%[34] Expenses and Liabilities - SG&A expenses rose to 338,489inQ42024,upfrom312,461 in Q4 2023, reflecting an increase of 8.3%[32] - Total liabilities increased to 1,415,285in2024from1,112,992 in 2023, a rise of 27.2%[34] Dividends and Acquisitions - The company raised its annual dividend by 11% to 12.00pershare,markingthe51stconsecutiveyearofdividendpayments[3][17]−Thecompanyhasacquired70companiessince1989,contributingtoapproximately1.6 billion in annualized sales from 111 locations[19] Market and User Growth - Watsco's digital user community expanded to approximately 64,000 users, a 15% increase from the prior year[14] - Sales of residential equipment increased by 16% during the quarter, driven by new customer acquisition and market share gains[9] - Watsco's gross margin for the full year was 26.8%, down from 27.4% the previous year[14] - Gross profit margin improved to 26.7% in Q4 2024, compared to 25.8% in Q4 2023[32]
Watsco(WSO)2025-02-18 12:30