Watsco Q2 Profit Up, Tops Estimate

(RTTNews) - Watsco, Inc. (WSO), a provider of air conditioning and heating solutions, posted higher earnings for the second quarter, topping consensus, as sales rose 8 percent year-on-year.

The company's net income for the second quarter rose to $51.3 million or $1.48 a share from last year's $39.1 million or $1.15 a share. On average, 13 analysts polled by Thomson Reuters expected the company to report $1.40 a share for the quarter. Analysts' estimates typically exclude special items.

Revenues grew 11 percent to $1.12 billion. Analysts expected revenues of $1.10 billion for the quarter.

On a same-store basis, sales increased 8 percent, reflecting an 11 percent increase in air conditioning and heating equipment, a 4 percent increase in other HVAC products and a 6 percent increase in commercial refrigeration products.

Albert Nahmad, Watsco's President & CEO stated: "We delivered strong earnings growth and margin expansion from a combination of solid sales growth, better selling margins and operating efficiencies."

The company currently expects full-year 2013 earnings per share to be within the range of $3.65 - $3.80, representing a growth rate of 20 - 25 percent over 2012's results. The Street currently expects earnings per share of $3.71 for the year.