Business

Watsco misses analyst expectations for first quarter of 2016

By Chabeli Herrera

cherrera@miamiherald.com

April 20, 2016 05:45 PM

In this file photo from 2009, warehouse manager Carlos Borja, left, operations manager Mario Toledo, Barry Logan, senior VP of Watsco, Inc., and CFO Ana M. Menendez, right, discuss business at Gemaire, one of the air conditioning supply companies Watsco owns.
In this file photo from 2009, warehouse manager Carlos Borja, left, operations manager Mario Toledo, Barry Logan, senior VP of Watsco, Inc., and CFO Ana M. Menendez, right, discuss business at Gemaire, one of the air conditioning supply companies Watsco owns. DAVID ADAME DAVID ADAME
In this file photo from 2009, warehouse manager Carlos Borja, left, operations manager Mario Toledo, Barry Logan, senior VP of Watsco, Inc., and CFO Ana M. Menendez, right, discuss business at Gemaire, one of the air conditioning supply companies Watsco owns. DAVID ADAME DAVID ADAME

Miami-based Watsco reported first quarter earnings of $25.5 million Wednesday.

It marks an uptick for the distributor of air conditioning, heating and refrigeration equipment, from $23 million during the same period last year. The first quarter ended March 31.

Watsco also reported net income of $34 million or 71 cents per share. The company missed expectations by Zacks Investment Research, which estimated earnings of 73 cents per share.

Quarterly revenue rose to $851 million from $809 million in the first quarter of 2015.

The company said it saw 7 percent growth in the sale of HVAC [heating, ventilating, and air conditioning] equipment and a 65 percent growth in sales of the equipment during the first quarter of the year.

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