Watsco reports all-time highs for 2013

 

ebenn@MiamiHerald.com

Sales, profits and earnings per share reached all-times highs in 2013 for Coconut Grove-based air-conditioning and heating giant Watsco.

“I got an email from someone that says, ‘Watsco rocks,’” company CEO Albert Nahmad said in an earnings call. “I sort of got a big smile on my face, and I think because that’s the same sense that we feel here.”

The company, which reported fourth-quarter and year-end earnings on Thursday, made $17.3 million in net income in the three months that ended Dec. 31, up 17% percent from $14.7 million for the same period the previous year. Earnings per shared jumped 22 percent in the quarter, to 50 cents per share compared to 41 cents for the fourth quarter of 2012.

For the full year, earnings grew to $118.6 million, or $3.68 per share, from $85.6 million, or $2.70 a share, in 2012. The company’s stock price on Friday gained about two percentage points, to $95.55.

For the quarter, revenues were $827 million, up 8 percent from $765.5 million for the same period the previous year. Full-year revenues were up 9 percent to a record $3.74 billion, compared to $3.43 billion in 2012.

Watsco, which has dealer locations in the United States, Mexico and Canada, got a boost in 2013 from its joint venture with Carrier in Canada. The company plans to increase its interest stake in that partnership by 10 percent this year. Nahmad said he is expecting 2014 to be another strong year for the company.

“We feel really good about 2014,” Nahmad said. “I think, overall, reaching the scale, the size that we are now, we can do ... bigger things than our competitors.”

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