Watsco Q4 Earnings Surge, Beat Estimates

(RTTNews) - Watsco, Inc. (WSO), a company engaged in the distribution of air conditioning, heating, and refrigeration equipment, Thursday reported a surge in earnings for the fourth quarter, boosted by revenue growth. Earnings also topped analysts' estimates by a penny.

Earnings allocated to the company's shareholders grew to $16.08 million, $0.50 per share, from $1.42 million, or $0.04 per share, a year earlier.

On average, 13 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.49 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the 3-month period rose to $827.35 million from $765.54 million a year earlier, mainly reflecting a 10 percent increase in sales of HVAC equipment.

For the full year 2013, earnings grew to $118.67 million, or $3.38 per share, from $85.68 million, or $2.70 per share, in 2012. Yearly sales increased to $3.743 billion from $3.432 billion last year.