Watsco Inc., (NYSE: WSO), Miami, distributor of heating, air conditioning and refrigeration (HVACR) products with locations in the United States, Canada, Mexico and Puerto Rico, reported sales for its fiscal 2022 third quarter ended Sept. 30, 2022, were $2.04 billion, up 14% from the prior-year period.
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Profit for the quarter was $186 million. Watsco also reported their year-to-date sales were $5.69 billion, up 19% from the first nine months of last year. Year-to-date profit was $546 million.
“Watsco is proud to deliver another record quarter and dividend increase, which reflects our confidence in the long-term prospects of our business,” said Albert Nahmad, CEO. “Third-quarter sales reflect normalized residential HVAC equipment volumes, effective price realization, sustained progression towards higher-efficiency systems, which grew 26% during the quarter, a greater mix of heat pumps and strong growth in commercial HVAC systems. While Hurricane Ian impacted sales in Florida, our largest market, we are confident in our ability to participate in the recovery of Florida’s west coast in 2023 given our strong presence in the affected areas.”
eCommerce Sales grew 22% year-to-date, outpacing organic sales growth rates, to more than $2.3 billion during the last 12 months. eCommerce sales were 32% of total sales inclusive of acquired revenues.
OnCall Air®, Watsco’s digital sales platform and CreditForComfort®, its companion consumer financing platform, both increased penetration among HVACR contractors as more customers engage digitally with homeowners. During the third quarter of 2022, OnCall Air® presented quotes to about 66,000 households, a 39% increase over last year, and generated $269 million in gross merchandise value, a 47% increase over the same period last year.
