Watsco beats analyst expectations for first quarter earnings

Watsco — a Miami-based distributor of air conditioning, heating and refrigeration equipment — reported first quarter net income of $23 million, up from $16.7 million in the first quarter of last year.

Net income per share was 65 cents, the company said, beating a survey of analysts by Zacks Investment Research, which predicted net income per share of 59 cents.

Quarterly revenue jumped to $809 million, up from $762 million last year.

Watsco said it saw eight percent growth for sales of HVAC equipment, which made up 64 percent of the company’s overall sales for the quarter, which ended March 31.

This story was originally published April 15, 2015 at 1:22 PM.