Watsco Q1 Profit Declines - Quick Facts

(RTTNews) - Watsco, Inc. (WSO) reported first-quarter earnings per share for common and Class B common stock of $0.72 compared to $0.88, prior year. The company noted that these amounts include the dilutive impact attributable to the excess of dividends paid on restricted shares over the net income allocated to non-vested restricted common stock. Such excess amounts were $2.6 million in the first quarter of 2020 (7 cents per share) and $2.0 million in the first quarter of 2019 (6 cents per share). On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.86, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenues increased to $1.01 billion from $931.28 million, last year. Analysts expected revenue of $1.01 billion for the quarter. Sales increased 2% on a same-store basis.

At March 31, 2020, the company had $51 million in cash, $156 million in borrowings drawn from its $560 million credit facility and $1.7 billion of shareholders' equity.