Watsco (WSO) 2020 Sales Have Surpassed $5B

Watsco, Inc. (NYSE: WSO) reported today that its 2020 annual sales have surpassed $5 billion (*** consensus was $4.99 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.”

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