Watsco, Inc. (WSO) Misses Q2 EPS by 10c

Watsco, Inc. (NYSE: WSO) reported Q2 EPS of $1.60, $0.10 worse than the analyst estimate of $1.70. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $1.2 billion.

Watsco, Inc. sees FY2014 EPS of $4.20-$4.40, versus the consensus of $4.48.

Albert Nahmad, Watsco’s President & Chief Executive Officer stated: “Watsco delivered record performance and the highest operating margin for any quarter in our history driven by a combination of unit growth, a stronger sales mix of high-efficiency HVAC equipment, improved selling margins and operating efficiencies.”

Mr. Nahmad added: “These results also reflect investments in new locations, the addition of more than 200 employees and the development and launch of technologies to generate long-term growth and market share. New locations bring density and convenience to our customers. New employees, including more outside salespeople, counter-sales personnel, commercial HVAC experts and product line champions, intensify our sales and customer-service efforts. Our on-going investments in technology, both in talent and in capital spending, will provide innovative capabilities to sell products and serve our customers as well as provide greater insight into our business. We expect these investments to generate growth, develop share for our vendor partners and further distance ourselves from the competition.”

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

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