Watsco, Inc. (NYSE: WSO) announced 15% sales growth in the second quarter of 2022 to $2.13 billion. Net income was $225 million.
Watsco reported a 13% increase in HVAC equipment sales, which comprised 70% of sales. The company also reported a 15% growth in other HVAC products and a 26% boost in commercial refrigeration products.
“Watsco is proud to deliver another record quarter, especially when compared to the exceptional performance achieved in the same period last year when same-store sales grew 29%, and EPS grew 64%. Our technology platforms are making an impact as evidenced by our growing market share and financial performance,” Watsco’s Chairman and CEO, Albert H. Nahmad, said.
Technology investments include:
- Product Information Management (PIM), which has 1.2 million SKUs accessed by 350,000 contractors and technicians annually
- Contractor Assist Mobile apps, which provide customers real-time access to critical information. The community accessing that grew 27% in the quarter.
- eCommerce sales, which were up 25% year-to-date with the annual run rate outpacing organic sales-growth rates and exceeding $2.2 billion a year.
- OnCall Air, Watsco’s digital sales platform used by HVAC/R contractors and CreditForComfort, a companion consumer financing platform.