Watsco Q1 Profit Surges, Tops Estimates

Watsco, Inc. (WSO), a distributor of heating, air conditioning, and refrigeration equipment, on Thursday reported a surge in profit for the first quarter, reflecting a steep increase in sales. Earnings also beat the Street view.

For the first three-month period of 2022, Watsco reported a net income of $134.89 million or $2.90 per share, compared with $66.12 million or $1.39 per share, reported for the same period a year ago.

Ten analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $1.77. Analysts' estimates typically exclude one-time items.

The equipment provider also posted an increase in operating income at $171.04 million as against $81.88 million, recorded for first quarter of 2021.

For the first quarter, the Florida-based firm generated a revenue of $1.52 billion, versus $1.13 billion posted for the first three-month period of last year.

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