Watsco Q3 Profit Up, Trims FY13 EPS View - Quick Facts

(RTTNews) - Watsco, Inc. (WSO), a provider of air conditioning and heating solutions, Wednesday reported an increase in third-quarter net income, reflecting higher revenues. The company also cut its full-year earnings guidance.

The company reported net income of $45.6 million or $1.32 per share, compared with $41 million or $1.19 per share last year.

On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings per share of $1.43 for the third quarter. Analysts' estimates typically exclude one-time items.

For the three-month period, revenues increased 6 percent to $1.1 billion, from prior year's $1.02 billion. Analysts expected the company to generate revenues of $1.11 billion.

Looking forward, adjusting to exclude a 33 cent reduction related to a special dividend paid in October, the company now expects full year 2013 earnings to be in the range of $3.65 to $3.70 per share, compared with previous expectations of $3.65 to $3.80 per share. Analysts expects the company to report earnings of $3.78 per share for the full year.