Q3 2023 Watsco Inc Earnings Call Transcript

Feb 11, 2024

Oct 19, 2023 / 02:00PM GMT
Operator

Good day, and welcome to the Watsco Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Al Nahmad, CEO. Please go ahead.

Albert H. Nahmad - Watsco, Inc. - Chairman & CEO

Good morning, everyone. Welcome to our third quarter earnings call. And this is Al Nahmad, Chairman and CEO. With me is A.J. Nahmad, President; and Paul Johnston, Barry Logan and Rick Gomez. Before we start our normal cautionary statement. This conference call has forward-looking statements as defined by SEC laws and regulations that are made pursuant to the safe harbor provisions of these various laws. Ultimate results may differ materially from the forward-looking statements.

Now on to the quarter. Watsco delivered a record quarter, which is all the more rewarding given a record performance achieved in the third quarter last year. Third quarter last year was a barn burner, and so I'm so happy we're able to beat that. Sales grew 4%, driven by a 6% increase in HVAC equipment,

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