Watsco (NYSE: WSO), Miami, Fla., North American distributor of HVAC/R equipment and supplies, reported sales for its first quarter ended March 31, 2024, were $1.56 billion, up 1% from the prior-year period.
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Profit for the quarter was $104 million.
- HVAC Pro+ Mobile Apps grew 6% over the past 12 months.
- eCommerce sales outpaced overall sales growth in the first quarter, accounting for 33% of sales.
- OnCallAir, their digital sales platform for contractors, was used to generate quotes to 61,000 householders, up 15% over last year.
“While softer market conditions persisted during what is essentially the low season for product sales, we are currently experiencing growth in end-market demand as we enter the summer selling season,” said Albert H. Nahmad, CEO. “We believe market share gains are continuing, and we are proud to have added three new companies to our family since the beginning of last year.
“Finally, and most gratifying, we further strengthened our balance sheet and generated record cash flow during a period that typically requires working capital investment ahead of the selling season.”
Watsco has 691 locations across North America serving over 375,000 customers.
