logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Communications Commission or FCC has granted SpaceX Services, Inc. authorization to use its Starlink satellite internet system on vehicles in motion. SpaceX, owned by Elon Musk, is allowed to operate consumer and enterprise Ku-band Earth Stations in Motion or ESIM using frequencies allocated to the fixed satellite service. The approval would help the company to expand its services to Loud Muscle Science, LLC is recalling certain Launch Sequence products in the United States and Canada citing the presence of undeclared Tadalafil, the U.S. Food and Drug Administration said. These tainted Launch Sequence Capsule products are marketed as dietary supplements for male sexual enhancement. The U.S. Food and Drug Administration announced the intended availability of around 17 million bottles equivalent of general infant formula to be imported from New Zealand and Ireland. Under the FDA's enforcement discretion to source more infant formula to the U.S., French food company Danone SA will send 555,000 cans Aptamil Gold Plus from New Zealand.
RELATED NEWS
Follow RTT