Watsco misses analyst expectations for first quarter of 2016

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.

This story was originally published April 20, 2016 at 5:45 PM.