RTTNews | Oct 22, 2020 08:05AM EDT

08:05 Thursday, October 22, 2020 (RTTNews.com) - Watsco, Inc. (WSO), a distribution network for heating, air conditioning and refrigeration products, on Thursday reported an increase in third-quarter earnings allocated to shareholders to $97.35 million or $2.76 per share, from $76.51 million or $2.20 per share in the year-ago period.

Revenues for the quarter grew 10 percent to $1.54 billion from $1.39 billion last year. Analysts expected revenue of $1.01 billion for the quarter. Same-store sales increased 8 percent, including 15 percent in U.S. markets.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.47 per share for the quarter on revenues of $1.51 billion. Analysts' estimates typically exclude special items.

Watsco noted that during the third quarter, it grew its cash position and reduced debt to nearly zero. The company maintains a $560 million revolving credit facility, the borrowings under which are typically seasonal in nature.

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