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Watsco Q2 Profit Rises

Air conditioning and refrigeration equipment distributor Watsco, Inc. (WSO) on Thursday posted improved earnings in the second quarter, helped by strong sales across all sectors. Revenues rose 36 percent and came in above the Street expectations.

The company posted second quarter net income of $144.1 million or $3.71 per share, higher than $86.6 million or $2.26 per share in the year-ago period.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $3.00 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

During the three-month period, operating income climbed 68 percent to $217 million from $129.2 million last year.

Quarterly revenues rose to $1.85 billion from $1.35 billion in the same period last year while analysts were looking for revenues of $1.67 billion in the period.

Commenting on the results, Albert H. Nahmad, Chairman & CEO said, "Watsco delivered a blowout quarter with solid earnings growth and margin expansion from a combination of strong sales across all markets, a richer sales mix of high-efficiency systems, better selling margins, operating efficiencies and contributions from recently completed acquisitions. Our results also reflect continued investments in products, technology and people to drive sales and innovation throughout our business."

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