Watsco Q1 2023: record sales $1.55B, EPS $2.83 vs $2.90 prior year

WATSCO INC

2023-Q1 EPS reported $2.83 revenue$1,550,641,000

Revenue $1.55B (+2% YoY); gross margin 28.9% vs 29.6% last year.
Operating income $165M (-4%); EPS $2.83 vs $2.90; operating cash flow improved $54M to -$47M.
HVAC equipment sales +2% (68% of sales); commercial refrigeration +12%; heat pumps +7%.
Annual dividend raised 11% to $9.80/share effective January 2023.
E-commerce 33% of sales; OnCallAir GMV $220M (+33%); authenticated tech users up 19%.

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 March 31, 2023 results: revenue $1.55 billion, EPS $2.83.

Period: the quarter ended March 31, 2023
Revenue: $1.55 billion
EPS: $2.83
Result: reported results

Exact text from the filing

First Quarter Results • 2% increase in sales to a record $1.55 billion • Gross profit of $448 million (28.9% gross margin) versus $450 million (29.6% gross margin) last year • 1% increase in SG&A expenses (10 basis-point improvement in SG&A as a percentage of sales) • 4% decrease in operating income to $165 million (operating margin of 10.6% versus 11.2% last year) • EPS of $2.83 versus $2.90 in 2022

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Source: SEC EDGAR

accession 0001193125-23-107391

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