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Jun 30, 2024
Watsco Q2 2024 Earnings Report
Watsco's Q2 2024 results reflected record sales, enhanced operating efficiency and strong cash flow, driven by continued customer adoption of industry-leading technologies.
Key Takeaways
Watsco reported a record $2.1 billion in revenue for Q2 2024, a 7% increase year-over-year, with EPS of $4.49 compared to $4.42 last year. The company's strong cash flow and debt-free balance sheet supported long-term investment and growth.
Revenue increased by 7% to a record $2.1 billion, with a 4% increase on a same-store basis.
Earnings per share (EPS) increased to $4.49 compared to $4.42 in the previous year.
Operating cash flow improved by $100 million compared to the last year.
E-commerce sales grew 13% and accounted for 36% of total sales.
Forward Guidance
Watsco is well-positioned to invest in future growth opportunities, expand its business, and partner with other family businesses, driven by its strong balance sheet, solid cash flow, technology, and entrepreneurial culture.
Positive Outlook
- Investing in market share opportunities as regulatory change and product transitions unfold.
- Partnering with other great family businesses in the industry.
- Scale and technology give confidence in the growth outlook.
- Technology investments are expected to drive future growth.
- Company's unique technology investments are expected to drive future growth
Challenges Ahead
- Effects of supplier concentration
- Competitive conditions within Watsco’s industry
- Seasonal nature of sales of Watsco’s products
- Ability of the Company to expand its business
Historical Earnings Impact
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Avg. Return Before/After Earnings
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