Watsco (WSO) Misses Q1 EPS by 1c, Beats on Revenues

Watsco (NYSE: WSO) reported Q1 EPS of $0.89, $0.01 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $927 million versus the consensus estimate of $911.16 million.

Key performance metrics:

• 25% earnings per share growth to a record 89 cents
• 31% increase in net income to $34 million
• 11% operating income increase to a record $54 million
• 20 basis-point expansion in operating margins to 5.8%
• 6% sales growth to a record $927 million (7% increase in U.S. markets)
• 6% increase in gross profit to a record $231 million (20 basis-point lower gross margin)
• 20 basis-point decline in SG&A as a percentage of sales to 19.3%
• $191 million debt reduction versus a year ago

Sales trends:

• 8% growth in HVAC equipment (66% of sales)
• 5% growth for other HVAC products (29% of sales)
• Flat sales for commercial refrigeration products (5% of sales)

For earnings history and earnings-related data on Watsco (WSO) click here.

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