Net income for the second quarter settled at $163.3 million, or $4.00 per share, trailing the $183.6 million, or $4.52 per share, recorded during the same period last year. Analysts surveyed by FactSet had projected earnings of $4.52 per share, leaving the company well short of consensus targets. Revenue reached $2.1 billion, a modest 2% increase, though this figure also missed the $2.14 billion analysts anticipated.
In section Market Quotes
Watsco Shares Tumble Following Second-Quarter Earnings Miss
Shares of the Miami-based HVAC distributor Watsco fell over 15% to $310.71 on Wednesday after the company reported quarterly profits that failed to meet Wall Street expectations. The decline marks a sharp turn for a stock that has struggled to gain momentum throughout the current calendar year.
Internal performance metrics were mixed across business segments. While commercial-refrigeration product sales jumped 19%, overall HVAC equipment sales grew by only 3%, and other related products saw a 1% decline. Chief Executive Albert Nahmad characterized the results as a reflection of stabilizing end-markets following recent regulatory shifts. As part of its broader growth strategy, the company finalized its acquisition of Jackson Supply Company in June.
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