Watsco, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Watsco, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

WATSCO INC (WSO-B) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Watsco, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Watsco, Inc. is incorporated in Florida. The company's SIC code is 5070 for Wholesale - Hardware & Plumbing & Heating Equipment & Supplies.

Why It Matters

For investors and stakeholders tracking WATSCO INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Watsco, Inc. for the first quarter of 2024. The 10-Q filing is a standard requirement for publicly traded companies, offering a detailed look into their financial health and business activities.

Risk Assessment

Risk Level: low — WATSCO INC shows low risk based on this filing. The filing is a routine 10-Q, providing standard financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Watsco's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 5070 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• WATSCO INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• 5070 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• FL (location) — STATE OF INCORPORATION
• 305-714-4100 (phone_number) — BUSINESS PHONE

FAQ

Industry Context

Watsco, Inc. operates in the wholesale distribution of HVAC equipment and related products. This sector is crucial for both residential and commercial construction and maintenance.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the period ending March 31, 2024, so there is no prior period 10-Q to compare against within this specific filing.

Key Financial Figures

• $0.50 — nge on which registered Common stock, $0.50 par value WSO New York Stock Exchange

Filing Documents

• d506308d10q.htm (10-Q) — 870KB
• d506308dex51.htm (EX-5.1) — 9KB
• d506308dex101.htm (EX-10.1) — 156KB
• d506308dex311.htm (EX-31.1) — 10KB
• d506308dex312.htm (EX-31.2) — 10KB
• d506308dex313.htm (EX-31.3) — 10KB
• d506308dex321.htm (EX-32.1) — 5KB
• g506308g0502220135238.jpg (GRAPHIC) — 3KB
• g506308g29d72.jpg (GRAPHIC) — 8KB
• 0001193125-24-130664.txt (&nbsp;) — 4682KB
• wso-20240331.xsd (EX-101.SCH) — 32KB
• wso-20240331_cal.xml (EX-101.CAL) — 49KB
• wso-20240331_def.xml (EX-101.DEF) — 263KB
• wso-20240331_lab.xml (EX-101.LAB) — 307KB
• wso-20240331_pre.xml (EX-101.PRE) — 280KB
• d506308d10q_htm.xml (XML) — 560KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Unaudited Financial Statements 3 Condensed Consolidated Unaudited Statements of Income – Quarters Ended March 31, 2024 and 2023 3 Condensed Consolidated Unaudited Statements of Comprehensive Income – Quarters Ended March 31, 2024 and 2023 4 Condensed Consolidated Unaudited Balance Sheets – March 31, 2024 and December 31, 2023 5 Condensed Consolidated Unaudited Statements of Shareholders' Equity – Quarters Ended March 31, 2024 and 2023 6 Condensed Consolidated Unaudited Statements of Cash Flows – Quarters Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Unaudited Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 5. Other Information 25 Item 6. Exhibits 25 SIGNATURE 26 EXHIBITS 2 of 26 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM1. CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS WATSCO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF INCOME (In thousands, except per share data) Quarters Ended March 31, 2024 2023 Revenues $ 1,564,991 $ 1,550,641 Cost of sales 1,134,366 1,102,484 Gross profit 430,625 448,157 Selling, general and administrative expenses 309,548 287,057 Other income 5,460 3,640 Operating income 126,537 164,740 Interest (income) expense, net ( 2,470 ) 615 Income before income taxes 129,007 164,125 Income taxes 24,745 33,754 Net income 104,262 130,371 Less: net income attributable to non-controlling interest 17,258 20,298 Net income attributable to Watsco, Inc. $ 87,004 $ 110,073 Earnings per share for Common and Class B common stock: Basic $ 2.17 $ 2.84 Diluted $ 2.17 $ 2.83 See accompanying notes to condensed consolidated unaudited financial statements. 3 of 2 6 Table of Contents WATSCO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Quarters Ended March 31, 2024 2023 Net income $ 104,262 $ 130,371 Other comprehensive (loss) income, net of tax Foreign currency translation adjustment ( 8,000 ) 260 Other comprehensive (loss) income ( 8,000 ) 260 Comprehensive income 96,262 130,631 Less: comprehensive income attributable to non-controlling interest 14,797 20,388 Comprehensive income attributable to Watsco, Inc. $ 81,465 $ 110,243 See accompanying notes to condensed consolidated unaudited financial statements. 4 of 2 6 Table of Contents WATSCO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS (In thousands, except per share data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 278,864 $ 210,112 Short-term cash investments 200,000 — A

View Full Filing

View this 10-Q filing on SEC EDGAR