Watsco Q4 EPS record $3.55 (incl. $1.20 tax benefit); adj. EPS $2.35, sales $1.58B +5%

WATSCO INC

2022-FY EPS reported $15.41 revenue$7,274,344,000

Q4 revenue record $1.58B (+5% YoY); gross margin record 27.4% (+10 bps).
Q4 GAAP EPS $3.55 (+76% YoY); adjusted EPS $2.35 (+16% YoY) excluding $1.20/share tax benefit.
Full-year 2022 sales +16%, record operating income, net income, EPS, and operating cash flow.
Tax benefit of $49M from vesting of 975,622 restricted shares to Chairman & CEO (infrequent event).
CEO cites strong balance sheet, 673 locations, seeking acquisitions.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WATSCO INC reported the quarter ended December 31, 2022 results: revenue $1.58 billion, net income $138 million, EPS $3.55.

Period: the quarter ended December 31, 2022
Revenue: $1.58 billion
Net income: $138 million
EPS: $3.55
Result: reported results

Exact text from the filing

Fourth Quarter Results • 76% increase in EPS to a record $3.55 (includes tax benefit of $1.20 per share from restricted stock vesting) • 16% increase in EPS to $2.35 on an adjusted, non-GAAP basis (excludes tax benefit) • 5% increase in sales to a record $1.58 billion • 5% increase in gross profit to a record $434 million (10 basis-point increase in gross margin to a record 27.4%) • 3% increase in SG&A expenses • 11% increase in operating income to a record $137 million (14% increase to $141 million on an adjusted basis) • 60 basis-point increase in operating margins to a record 8.7% (80 basis-point increase to 8.9% on an adjusted basis) • 75% increase in net income attributable to Watsco to $138 million (17% increase excluding tax benefit) • Record operating cash flow of $213 million

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Source: SEC EDGAR

accession 0001193125-23-040713

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