Originally published at www.seclive.com
Filing in Focus: Watsco 10-Q, August 2, 2013
Watsco Incorporated (NYSE:WSO) announced its financial results for the second quarter of fiscal year 2013, reporting record numbers in the best quarter of the company's history. The air conditioning, heating, and refrigeration equipment distributor reported an 11% revenue increase to a record $1.12B. Earnings were $51.3M, up from $39.1M the same quarter a year ago, while earnings per share similarly climbed from $1.15 a year ago to $1.40 earnings per share this quarter. The company's gross profit margin opened up slightly from 23.6% to 23.8% while air conditioning and heating equipment sales increased 11%. The company can attribute a large portion of its success to a distribution partnership it started in 2009 with United Technologies Corporation (NYSE:UTX), which nearly doubled Watsco's size and expanded its operations to various parts of the United States.
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