Exhibit 99.1

Watsco Achieves Record 2013 Fourth Quarter and

Full Year Operating Results

 

 

Strong Residential Replacement Sales, Market Share Gains and

Improved Margins From Operating Efficiencies Drive Performance

MIAMI, FLORIDA – (BUSINESS WIRE), February 13, 2014 – Watsco, Inc. (NYSE:WSO) today reported record revenues, net income and earnings per share for its fourth quarter and full year ended December 31, 2013.

Fourth Quarter Results

Earnings per share increased 22% to a record 50 cents compared to 41 cents in 2012 (on an adjusted basis). Operating income increased 20% to a record $40 million with a 50 basis-point improvement in operating margin. Net income increased 17% to a record $17 million.

Revenues increased 8% to a record $827 million, reflecting a 10% increase in sales of HVAC equipment (63% of sales), a 5% increase in sales of other HVAC products (32% of sales) and a 2% decrease in sales of commercial refrigeration products (5% of sales).

Gross profit increased 9% to a record $199 million with gross profit margin improving 10 basis-points. Selling, general and administrative (SG&A) expenses increased 6% to $158 million and as a percentage of sales declined 40 basis-points to a record low of 19.1%.

Albert Nahmad, Watsco’s President & CEO stated: “Watsco delivered another solid quarter of earnings growth from higher sales, improved selling margins and the continued effort of our business units to manage operating costs. We saw strength in sales of residential HVAC systems in the United States, which grew 17%, from a combination of strong unit demand and a better sales mix of higher-efficiency systems. Overall, our results represent a great finish to another excellent year.”

It is important to note that the fourth quarter of each calendar year is highly seasonal due to the nature and timing of the replacement market for air conditioning, heating and refrigeration systems, which is strongest in the second and third quarters. Accordingly, the Company’s fourth quarter financial results are disproportionately affected by this seasonality.

Full Year Results

Earnings per share increased 21% to a record $3.68 compared to $3.03 in 2012 (on an adjusted basis). Operating income increased 21% to a record $271 million with operating margins improving 70 basis-points to 7.2%. Same-store operating profit increased 19% with operating margins improving 70 basis-points. Net income increased 24% to a record $128 million.

Revenues increased 9% to a record $3.74 billion. Same-store sales increased 7% reflecting a 9% increase in HVAC equipment (63% of sales), a 3% increase in other HVAC products (32% of sales) and a 3% increase in commercial refrigeration products (5% of sales).


The following information was filed by Watsco Inc (WSO) on Thursday, February 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Watsco Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Watsco Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account