Watsco Inc., a distributor of air-conditioning and heating
equipment, said its second-quarter profit slid 21% due to a cooler summer and a
slow new-housing market, according to a report from the Associated Press.
For the quarter ended June 30, net income fell to $22.9
million, or 82 cents per share, from $28.7 million, or $1.03 per share in the
prior-year quarter. The latest quarter included a loss of 6 cents per share
from discontinued operations.
Analysts polled by Thomson Financial expected earnings per
share of 89 cents.
Revenue dipped 7% to $471.1 million from $504.8 million in
the second quarter of 2006. Analysts predicted revenue of $485.4 million.
The company said it opened or acquired 23 new locations
during the quarter, which added about $11 million to its sales.
The company said cooler summer weather and a softer new-housing
market depressed results.
Watsco is acquiring distributor ACR Group Inc. in a
cash tender offer for about $78.5 million. The acquisition is expected to close
next month.
July 30, 2007 - Watsco 2Q Profit Drops 21%
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