{"id":516258,"date":"2021-07-22T07:33:27","date_gmt":"2021-07-22T11:33:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-eps-jumps-64-to-3-71-setting-records-for-sales-operating-profit-operating-margin-and-net-income\/"},"modified":"2021-07-22T07:33:27","modified_gmt":"2021-07-22T11:33:27","slug":"watsco-eps-jumps-64-to-3-71-setting-records-for-sales-operating-profit-operating-margin-and-net-income","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/watsco-eps-jumps-64-to-3-71-setting-records-for-sales-operating-profit-operating-margin-and-net-income\/","title":{"rendered":"Watsco EPS Jumps 64% to $3.71 Setting Records for Sales,\u00a0Operating Profit, Operating Margin and Net Income"},"content":{"rendered":"
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\n Strong Sales Growth, Higher Margins, Operating Efficiencies and <\/strong>
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\n Recent Acquisitions Drive Record Performance<\/strong>\n <\/p>\n

\n Customer-Adoption of Technologies Grows as Business Evolution Continues<\/strong>\n <\/p>\n

MIAMI, July 22, 2021 (GLOBE NEWSWIRE) — Watsco, Inc. (NYSE: WSO) reported record second quarter and first-half operating results for the periods ended June 30, 2021, establishing new records for sales, operating income, operating margin, net income and earnings per share (EPS) for both periods.<\/p>\n

Watsco\u2019s entrepreneurial culture, which empowers leaders to think and act locally, continues to drive record performance with nearly all operating metrics reaching record levels. The Company\u2019s industry-leading, customer-focused technologies have helped facilitate this record performance as contractors grow and expand their capacity to meet the needs of unprecedented demand for HVAC\/R products. Notably, adoption of Watsco\u2019s mobile apps, e-commerce platform, and other customer-facing platforms has grown meaningfully, enabling more customers to engage with us digitally. In addition, curbside\/dockside technology, which allows for rapid and contactless order fulfillment, has broadened and continues to benefit our customers in terms of faster service. Taken as a whole, Watsco\u2019s technology offering is unique to the industry, has solidified existing customer relationships and created new customer acquisition opportunities to generate long-term growth and market share gains.<\/p>\n

Complementing its record organic growth, Watsco invested in future growth and expanded its network during the second quarter with the acquisition of two market-leading businesses, Temperature Equipment Corporation (TEC) and Acme Refrigeration of Baton Rouge (Acme). The acquired businesses had annualized sales of approximately $350 million in 2020 and currently serve more than 14,000 customers from 50 locations. Consistent with Watsco\u2019s culture, these companies are being led by their legacy management teams and are expected to provide new sources of growth as more capital is deployed to support their growth plans. Despite these investments, the Company\u2019s debt-to-total capitalization ratio remained low at 6% as of June 30, 2021, consistent with the Company\u2019s core philosophy to maintain a conservative, risk-averse financial position while possessing a strong balance sheet that can invest in most any opportunity at a low cost of capital. Watsco has acquired 65 businesses since 1989 and remains active in pursuing additional opportunities to invest in what remains a fragmented\u00a0$50 billion\u00a0North American HVAC\/R distribution industry.<\/p>\n

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\n Second Quarter Results<\/u>
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\n Key Performance Metrics<\/u>\n <\/p>\n