Watsco (NYSE: WSO), Miami-based North American distributor of HVAC/R equipment and supplies, reported sales for its second quarter ended June 30, 2024, were $2.1 billion, up 7% from the prior-year period.
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Profit for the quarter was $214.7 million.
Excluding acquisitions:
- 8% increase in HVAC equipment (71% of sales)
- 1% decline in other HVAC products (25% of sales)
- 1% increase in commercial refrigeration products (4% of sales)
Watsco’s first-half sales were $3.7 billion, up 4% from the first six months of 2023, with a profit of $318.9 million.
As in the first quarter, ecommerce sales outpaced overall sales growth, increasing 13% to account for 36% of total sales.
The user base for Watsco’s HVAC Pro+ Mobile apps grew 12% in the past year, while OnCallAir, the company’s digital sales platform, created quotes for roughly 160,000 households, an increase of 18% from 2023.
“We continue to make good progress towards our goal of scaling Watsco’s customer-focused technologies to more and more contractors,” said A.J. Nahmad, Watsco’s president. “Our ecommerce sales grew at nearly double the rate of overall sales, indicating more progress in scaling our industry-leading tools and platforms. We are also engaging with more contractors and technicians than ever before through our mobile platforms, which should generate more operating efficiencies over time.
“I am encouraged by our progress and we have produced great results, but I feel the bulk of the benefit from our technology investments remains ahead of us.”
Watsco serves over 375,000 customers at 691 locations across North America.
