MIAMI, Dec. 30, 2020 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) reported today that its 2020 annual sales have surpassed $5 billion.
In a note to Watsco’s family of more than 5,700 employees and 1,000 supplier partners, Albert H. Nahmad, Watsco’s Chairman and Chief Executive Officer, wrote:
“This week Watsco hit an incredible milestone with annual sales passing the $5 billion mark. We started this journey in 1972 building on a $5 million manufacturing business in Hialeah, Florida. Then in 1989, we changed course and acquired our first HVAC distributor. We liked the distribution business, sold the manufacturing business and went to work.
We created our own culture of entrepreneurial leadership, respecting those who sell us their businesses, issuing meaningful equity to great leaders, contributing our shares to employees’ 401(k) accounts and maintaining a decentralized management system. This culture and our strong financial position have enabled us to become the largest and most valuable independent distributor in the global HVAC industry.
The fun part is that we believe that we’ve only just begun. Industry sales are an estimated $40 billion in the United States alone, so we have an immense opportunity to grow. We are creating and leveraging technology platforms that touch every part of our business and help our customers grow their businesses. Our teams are full of dedicated people who have a drive for growth and a passion to see our customers win in the marketplace.
Today we celebrate our accomplishments and, with our unique, entrepreneurial culture as our cornerstone, we gear up for an exciting future.”
Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that more than 300,000 contractors and technicians visit or call one of its 603 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. Older systems often operate below today’s government mandated energy efficiency and environmental standards. Watsco has an opportunity to accelerate the replacement of these systems at a scale greater than its competitors as the movement toward reducing energy consumption and its environmental impact continues. This is especially important since heating and cooling accounts for approximately half of the energy consumed in a typical U.S. home. Additional information about Watsco may be found at http://www.watsco.com.
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.
Barry S. Logan
Executive Vice President