Watsco, Inc. (NYSE: WSO), reported sales grew 34% in the first quarter 2022 to $1.52 billion. Net income was $113 million.
“Watsco delivered exceptional performance during the first quarter. The company achieved strong performance across all geographic markets and product categories and reflects a combination of strong unit growth, our ability to capture increased cost of goods through higher selling prices, a richer mix of high-efficiency systems and what, we believe, are technology-driven gains in market share,” Watsco Chairman and CEO Albert H. Nahmad said.
Same-store growth was seen across all segments:
- 26% growth in HVAC equipment
- 24% increase in other HVAC products
- 35% increase in commercial refrigeration products