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Watsco Sets New Records for Earnings Per Share,
Operating Margins and Sales During 2014
MIAMI, FLORIDA (BUSINESS WIRE), February 12, 2015 Watsco, Inc. (NYSE: WSO) today reported record results for the fourth quarter and for the year ended December 31, 2014.
Fourth Quarter Results
Key performance metrics:
|||38% jump in earnings per share to a record 69 cents|
|||30% increase in operating income to a record $52 million|
|||100 basis-point expansion in operating margins to a record 5.9%|
|||40 basis-point improvement in gross profit margin|
|||60 basis-point reduction in SG&A as a percentage of sales to a record low|
|||6% sales growth to a record $877 million|
|||8% growth in HVAC equipment (65% of sales)|
|||2% increase in other HVAC products (30% of sales)|
|||8% increase in commercial refrigeration products (5% of sales)|
Albert Nahmad, Watscos President & Chief Executive Officer stated: Watsco delivered another solid quarter of earnings growth from higher sales, improved selling margins and effective leveraging of operating costs, resulting in record operating margins. We saw continued strength in sales of residential HVAC systems from strong unit demand and an improved 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 systems, which is strongest in the second and third quarters. Accordingly, the Companys fourth quarter financial results are disproportionately affected by this seasonality.
Full Year Results
Key performance metrics:
|||17% increase in earnings per share to a record $4.32|
|||13% improvement in operating profit to a record $306 million|
|||60 basis-point expansion in operating margins to a record 7.8%|
|||20 basis-point improvement in gross profit margin|
|||30 basis-point reduction in SG&A as a percentage of sales to a record low|
|||5% sales growth to a record $3.94 billion|
|||7% increase in HVAC equipment (64% of sales)|
|||9% growth in U.S. residential equipment|
The following information was filed by Watsco Inc (WSO) on Thursday, February 12, 2015 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.
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