Watsco Inc. is well-known for at least two things: distributing heating, ventilation and air-conditioning systems, and generating a lot of sales via B2B ecommerce.
For the fourth quarter ended Dec. 31, Miami-based Watsco Inc. reported a 5% increase in total sales to a record $1.58 billion. Net income was $157.1 million, up from $96.6 million a year earlier.
For the 12 months ended Dec. 31, Watsco reported sales of $7.274 billion, up 16% year over year from $6.280 billion. Net income was $703.7 million, versus $498.7 million a year earlier.
Ecommerce now represents about 32% of Watsco’s total sales. Its online channel grew 17% in 2022, the company says. Based on those metrics, Digital Commerce 360 projects that ecommerce sales grew year over year to $2.327 billion.
“We have an immense technology advantage, and we are investing to grow that advantage,” Watsco CEO Albert H. Nahmad told Wall Street analysts. “These technologies are increasing customer’s engagement, reducing attrition and creating sustainable market share gains.”
Watsco ecommerce: Key figures
More than 51,000: Number of HVAC contractors using Watsco’s ecommerce-enabled mobile app
More than 350,000: Number of HVAC contractors and technicians accessing Watsco’s product information management system
About 225,000: Number of households for which Watsco’ contractors generate job quotes through its digital sales platform
1 million: Number of SKUs in Watsco’s product information management database
Full year 2022:
16%: Increase in 2022 total sales to $7.724 from $6.280 billion in 2021
17%: Online channel growth to $2.327 billion in 2022 over 2021
32%: Ecommerce share of total sales
$49 million: Spending on new technology
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