Watsco Q1 Results Beat The Street

(RTTNews) - Watsco, Inc. (WSO), a distribution network for heating, air conditioning and refrigeration products on Thursday announced marginally lower profits for the first quarter ended March 31, 2023. Earnings and Revenue surpassed the consensus estimates.

Net income for the period was $110.07 million or $2.83 per share as compared to $113.30 million or $2.90 per share in the first quarter of 2022.

12 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.34 per share. Analysts typically exclude one-time items.

Revenue increased to $1.55 billion, from $1.52 billion in the first quarter of the previous period.

11 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.54 billion.

Shares of Watsco closed Wednesday's trading at $316.58, down $1.93 or 0.61 percent from the previous close.