Watsco's HVAC equipment sales increased 14% in the quarter, other HVAC products increased 11% and commercial refrigeration equipment increased 10%.
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Watsco announced in March that it was spending $291 million to add Temperature Equipment Corp. to its portfolio.
Watsco will expand into the Midwest with the addition of a $291 million HVAC distributor.
Miami-based HVACR distribution giant Watsco sees 2021 as optimal for ramping up existing growth drivers in hopes of continuing at its record-setting pace.
For the fourth quarter, sales were up 7.7% from same period in 2019 as company posted profit growth for both the quarter and the full year.
Year-to-date sales grow 5.5% from same period in 2019 as company posts profit growth for both the quarter and the first nine months of 2020.
But year-to-date sales grow 2.6% from same period in 2019 as company posts “record, double-digit sales and profit growth rates in June,” according to Watsco's CEO.
Peirce-Phelps will operate as a separate business of Carrier Enterprise, a joint venture between Watsco and Carrier Corp.
The company reported a profit increase of 3.5% for the quarter.
Year-to-date sales up 5.2 percent year-over-year.
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For the first nine months, sales were up 2.1 percent year-over-year.
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President: Technology provides "defense against any threat Amazon or otherwise"
Miami, FL-based HVACR distributor Watsco Inc. has invested millions of dollars in technology in recent years – from business intelligence to mobile apps to IT personnel. And the company is reaping numerous benefits, including $4.2 billion in annual sales and second place on MDM’s 2017 list of the Top 10 HVACR & Plumbing Distributors. Following a solid second quarter, President A.J. Nahmad and Senior Vice President Barry Logan spoke with MDM Associate Editor Eric Smith about Watsco’s technology focus.
This article includes:
- Watsco's increased technology spend
- Balancing people, process and technology to grow in sync
- Creating a culture where technology is a priority
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Year-to-date sales up 4 percent year-over-year.
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Distributor's joint venture adds more than third of $650 million HVAC distributor.
President: Drones can't deliver five-ton condensing units.
