Watsco Inc. Files Q3 2024 10-Q
Ticker: WSO-B · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 105016
| Field | Detail |
|---|---|
| Company | Watsco Inc (WSO-B) |
| Form Type | 10-Q |
| Filed Date | Nov 1, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 17 min |
| Key Dollar Amounts | $0.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
WATSCO INC 10-Q FILED: Q3 2024 RESULTS ARE IN. CHECK THE NUMBERS.
AI Summary
Watsco Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates a focus on its fiscal year ending December 31, 2024, and provides comparative data for the nine months ended September 30, 2024, and 2023. Specific financial figures and operational details are presented within the report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational details for Watsco Inc., crucial for understanding the company's current standing and future prospects.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant new risks.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Latest quarterly financial data)
- 2023-09-30 — Prior Year Period End Date (For comparative analysis)
Key Players & Entities
- WATSCO INC (company) — Filer
- 20240930 (date) — Conformed Period of Report
- 20241101 (date) — Filed as of Date
- GreenbergTraurig (company) — Legal Services Provider
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed as of November 1, 2024.
What is Watsco Inc.'s fiscal year end?
Watsco Inc.'s fiscal year ends on December 31.
What industry is Watsco Inc. classified under?
Watsco Inc. is classified under WHOLESALE-HARDWARE & PLUMBING & HEATING EQUIPMENT & SUPPLIES [5070].
Does the filing mention any specific legal service providers?
Yes, the filing mentions GreenbergTraurig in the context of customary fees for legal services.
Filing Stats: 4,361 words · 17 min read · ~15 pages · Grade level 15.7 · Accepted 2024-11-01 16:40:09
Key Financial Figures
- $0.50 — ge on which registered Common stock, $0.50 par value WSO New York Stock Exchan
Filing Documents
- d888515d10q.htm (10-Q) — 1391KB
- d888515dex311.htm (EX-31.1) — 10KB
- d888515dex312.htm (EX-31.2) — 10KB
- d888515dex313.htm (EX-31.3) — 10KB
- d888515dex321.htm (EX-32.1) — 6KB
- g888515g0828205751631.jpg (GRAPHIC) — 3KB
- 0001193125-24-249900.txt ( ) — 5281KB
- wso-20240930.xsd (EX-101.SCH) — 33KB
- wso-20240930_cal.xml (EX-101.CAL) — 47KB
- wso-20240930_def.xml (EX-101.DEF) — 251KB
- wso-20240930_lab.xml (EX-101.LAB) — 307KB
- wso-20240930_pre.xml (EX-101.PRE) — 271KB
- d888515d10q_htm.xml (XML) — 693KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Unaudited Financial Statements Condensed Consolidated Unaudited Statements of Income – Quarters and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Unaudited Statements of Comprehensive Income – Quarters and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Unaudited Balance Sheets – September 30, 2024 and December 31, 2023 5 Condensed Consolidated Unaudited Statements of Shareholders' Equity – Quarters and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Unaudited Statements of Cash Flows – Nine Months Ended September 30, 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 25 Item 4.
Controls and Procedures
Controls and Procedures 25
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5. Other Information 26 Item 6. Exhibits 27 SIGNATURE 28 EXHIBITS 2 of 28 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) Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues $ 2,160,036 $ 2,126,845 $ 5,864,355 $ 5,680,570 Cost of sales 1,593,792 1,559,900 4,287,726 4,102,846 Gross profit 566,244 566,945 1,576,629 1,577,724 Selling, general and administrative expenses 326,373 319,834 954,950 911,046 Other income 10,376 9,506 23,908 20,384 Operating income 250,247 256,617 645,587 687,062 Interest (income) expense, net ( 6,773 ) 1,890 ( 14,156 ) 5,920 Income before income taxes 257,020 254,727 659,743 681,142 Income taxes 55,373 54,103 139,183 144,744 Net income 201,647 200,624 520,560 536,398 Less: net income attributable to non-controlling interest 30,616 29,671 81,115 82,608 Net income attributable to Watsco, Inc. $ 171,031 $ 170,953 $ 439,445 $ 453,790 Earnings per share for Common and Class B common stock: Basic $ 4.24 $ 4.36 $ 10.95 $ 11.64 Diluted $ 4.22 $ 4.35 $ 10.92 $ 11.60 See accompanying notes to condensed consolidated unaudited financial statements. 3 of 2 8 Table of Contents WATSCO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 201,647 $ 200,624 $ 520,560 $ 536,398 Other comprehensive income (loss), net of tax Foreign currency translation adjustment 4,809 ( 6,966 ) ( 6,527 ) 409 Other comprehensive income (loss) 4,809 ( 6,966 ) ( 6,527 ) 409 Comprehensive income 206,456 193,658 514,033 536,807 Less: comprehensive income attributable to non-controlling interes