Watsco Q2 revenue down 6% to $2.0B; EPS $4.42, down 10% YoY; cites OEM supply delays

WATSCO INC

2023-Q2 EPS reported $7.25 revenue$3,553,725,000

Net sales $2.0B, down 6% YoY; HVAC equipment sales down 8% (69% of sales); commercial refrigeration up 1%.
GAAP EPS $4.42, down 10% YoY; operating income $266M, down 7%; operating margin 13.3% vs 13.5%.
OEM supply disruptions from regulatory transition reduced sales by estimated $75-80M in Q2; company calls it second-best quarter.
Technology investments $55M over trailing 12 months; e-commerce sales now 34% of total; active mobile app users up 19% to 53,000.
Annual dividend rate increased 11% to $9.80 per share effective Jan 2023; future increases considered.

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 financial results for quarter and six months ended June 30, 2023.

Period: quarter and six months ended June 30, 2023
Result: reported results

Exact text from the filing

On August 1, 2023, Watsco, Inc., a Florida corporation (the “Company”), issued a press release reporting its financial results for the quarter and six months ended June 30, 2023.

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WATSCO INC filing history →

Source: SEC EDGAR

accession 0001193125-23-199929

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