Watsco reported a 1% increase in revenues to a record $1.56 billion for Q1 2024. The company generated record first quarter operating cash flow of $104 million and strengthened its balance sheet with $479 million in cash and investments. EPS was $2.17 compared to $2.83 in the previous year.
Revenues increased by 1% to a record $1.56 billion.
Gross profit was $431 million with a gross margin of 27.5%.
Operating income reached $127 million, representing an operating margin of 8.1%.
The company generated a record $104 million in operating cash flow for the first quarter.
Watsco is currently experiencing growth in end-market demand as it enters the summer selling season and believes market share gains are continuing.
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