Strong HVAC sales help drive Watsco's sales for quarter, year.
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The HVACR distributor did not provide details, but said product expansion and acquisitions would be part of the plan.
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Sales of HVAC equipment increased 8 percent.
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Profit increased 31.2 percent to $51.3 million.
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Customers were more likely to repair than replace during the recession, but the pendulum is swinging the other way now.
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Overall sales of $714 million were up 13 percent, thanks to Carrier joint venture.
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JV originally launched in 2009 now accounts for a majority of the distributors sales.
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Watsco reported 5 percent same-store sales growth.
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Same-store sales for the quarter were up 1 percent.
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Overall sales for Watsco, including new locations, were up 15% to $1 billion.
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On a same-store basis, sales were up 7 percent for Watsco.
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The joint venture will operate as a stand-alone business using its existing infrastructure.
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HVAC distributor reports a 1 percent decline in same-store sales for the year.
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Same-store sales grow 4%; HVAC equipment sees biggest increase.
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Watsco also announced an agreement to expand its joint venture with Carrier to include operations in Mexico.
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Sales increases were broad-based across all product categories for the HVAC distributor.
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New joint venture will distribute Carrier, Bryant and Payne brand products in the northeast U.S.
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Watsco revenues boosted by sales of higher-efficiency HVAC products and replacement market.
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Profit for the HVAC distributor increased 49 percent.
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The HVAC distributor says it will continue to zone in on the Sun Belt.
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