USA: Watsco, the largest distributor of air conditioning, heating and refrigeration equipment and related parts, reports that its sales grew 6% to a record $5.05bn in 2020.
Operating profit also hit a new record – up 9% to $401m.
The company, which now boasts over 600 locations in 38 states, Canada, Mexico and Puerto Rico, reports that sales of HVAC equipment grew 4% and accounted for 69% of sales. Commercial refrigeration product sales saw a 4% decrease and accounted for 3% of sales.
E-Commerce sales continued to grow as more customers transacted online. In 2020, Watsco’s e-commerce sales exceeded $1.5bn with 20% growth in customers transacting through its e-commerce platform. E-commerce revenues increased to 33% of sales versus 31% in 2019.