Connect with us

Hi, what are you looking for?

News

Watsco, Inc. (WSO) Q3 2023 Earnings Call Transcript

Watsco, Inc. (NYSE:WSO) Q3 2023 Earnings Conference Call October 19, 2023 10:00 AM ET

Company Participants

Al Nahmad – Chief Executive Officer

A.J. Nahmad – President

Paul Johnston – Executive Vice President

Barry Logan – Executive Vice President

Rick Gomez – Vice President

Conference Call Participants

Tommy Moll – Stephens

Brett Linzey – Mizuho

Dave Manthey – Baird

Nigel Coe – Wolfe Research

Ryan Merkel – William Blair

Jeff Hammond – KeyBanc

Damian Karas – UBS

Steve Volkmann – Jefferies

Steve Tusa – JPMorgan

Jeffrey Sprague – Vertical Research

Joe Ahlersmeyer – Deutsche Bank

Operator

Good day and welcome to the Watsco Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Al Nahmad, CEO. Please go ahead.

Al Nahmad

Good morning, everyone. Welcome to our third quarter earnings call. And this is Al Nahmad, Chairman and CEO. With me is A.J. Nahmad, President and Paul Johnston, Barry Logan and Rick Gomez.

Before we start our normal cautionary statement, this conference call has forward-looking statements as defined by SEC laws and regulations that are made pursuant to the Safe Harbor provisions of these various laws. Ultimate results may differ materially from the forward-looking statements.

Now, on to the quarter. Watsco delivered a record quarter, which is all the more rewarding given a record performance achieved in the third quarter last year. Third quarter last year was a barnburner. And so I am so happy we are able to beat that. Sales grew 4%, driven by 6% increase in HVAC equipment. Residential unit volumes steadily improved throughout the quarter and price realization continues to be strong. Commercial end markets also remain very healthy. As a reminder, we have navigated through immense product transition in 2023 following the step-up minimum efficiency standards mandated across the United States by the

Read the full article here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Videos

Watch full video on YouTube

Videos

Watch full video on YouTube

Videos

Watch full video on YouTube

Videos

Watch full video on YouTube