Watsco has strong third quarter

North American air conditioning, heating, and refrigeration distributor Watsco has sales of $2.13 billion in the third quarter of 2023, an increase of four percent compared to the third quarter of 2022. Gross profit grew three per cent year over year to $567 million with a gross margin of 26.7 percent. The company’s operating income increased nine per cent year over year to $257 million, an eight per cent increase on a same-store basis. Operating margin increased 50 basis points to 12.2 percent.