Watsco Reports Q4 EPS of $0.31 vs. $0.31

Watsco, Inc. WSO today reported results for the fourth quarter and for the year ended December 31, 2010. Revenues increased 17% to a record $657 million, reflecting 23% growth in air conditioning and heating (HVAC) equipment (63% of sales), 6% growth in other HVAC products (31% of sales) and 19% growth in commercial refrigeration products (6% of sales). Operating income increased 47% to $22 million and operating margin expanded 70 basis-points to 3.3%. Net income improved 48% to $10 million and earnings per share increased 48% to 31 cents per diluted share.