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,” CEO 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, which increased its spending on new technology to $49 million in 2022 also reported other digital metrics including:
Other digital metrics include:
- Watsco’s product information management (PIM) database now includes approximately 1.million SKUs. More than 350,000 contractors and technicians assess them on an annual basis.
- The number of HVAC contractors using Watsco’s commerce-enabled mobile app now has more than 51,000 users.
- Watsco’s digital sales platform that HVAC contractors use, and its companion consumer financing system, generated quotes to approximately 225,000 households. They also generated $963 million in gross merchandise value.