equipment volumes

Watsco Q4 earnings tell two stories, and neither one cancels the other out. On the surface, Watsco Q4 earnings paint a rough picture. Revenue fell 10%.  HVAC equipment sales dropped 13%.  Earnings per share declined 29%.  When you back out the 11% domestic pricing increase, implied equipment volumes were down more than 20%.  That is not a soft patch. But Watsco's own framing … [Read more...] about Watsco Q4 Earnings Miss Masks a Bigger Story