Miami-based HVACR distributor Watsco Inc. (NYSE: WSO) reported sales for the third quarter ended Sept. 30, 2023, were up 4% to $2.13 billion.
That represents 6% sales growth in HVAC equipment, 3% decline in other HVAC products, and 9% growth in commercial refrigeration products.
Profit for the quarter was $200 million.
Results reflect a product transition to new, higher-efficiency HVAC systems in response to regulatory requirements that took effect on Jan. 1, 2023. The company estimates that 60% of the HVAC equipment SKUs carried at its locations represent new products.
Sales in the first nine months of the year were flat from the prior year, at $5.68 billion. Sales for HVAC equipment were flat, sales in other HVAC products fell 4%, and commercial refrigeration products were up 7%. Profit was $536 million.
Customer-related technology updates include:
- HVAC Pro+ Mobile Apps authenticated user community (users linked to an ecommerce account over the 12-month period ended Sept. 30, 2023) grew 19% to 54,000 users compared to the same period a year ago.
- eCommerce sales were 33% of total sales for the 12-month period ended Sept. 30, 2023, and grew 15% during the third quarter.