The company recorded a profit of $155.4 million, or $3.77 per share, marking a decline from the $161.6 million, or $3.98 per share, reported during the same period last year. This performance brings the stock's total year-to-date decline to 13%, reflecting a challenging quarter despite a 5% increase in HVAC equipment sales.
In section Market Quotes
Watsco Shares Tumble as Quarterly Profits Miss Analyst Targets
A 4.4% slide in Watsco stock on Tuesday signaled investor disappointment as the HVAC distributor reported third-quarter earnings that fell short of Wall Street estimates. While revenue growth surpassed expectations, the company’s bottom line failed to keep pace with the $4.10 per share profit projection anticipated by analysts.
Revenue for the quarter reached $2.22 billion, slightly edging out the $2.21 billion expected by FactSet-polled analysts. Although demand for climate control systems remains active, the cost structure pressured margins, leaving the Miami-based distributor to contend with a negative market reaction as shareholders recalibrate their outlook for the remainder of the year.
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