Digital Platforms Help Watsco Sales

Watsco, Inc., a distribution network for heating, air conditioning, and refrigeration (HVAC/R) products, had sales of $1.85 billion for the second quarter of 2021, an increase of 36 per cent compared to the second quarter of 2020. Sales growth on a same-store basis increased 29 per cent year-over-year. The company says adoption of its mobile apps, eCommerce platform, and other customer-facing platforms have grown meaningfully. Operating income for the quarter was $217 million, up 68 per cent year-over-year, with same-store operating income up 59 per cent. Operating margin was 11.7 per cent, up 220 basis points compared to the prior-year period and gross profit was $478 million, up 50 per cent compared to last year.