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M2 PRESSWIRE-February 14, 2007-Blue Chip News: Daily Market Alert for Watsco Inc. (C)1994-2007 M2 COMMUNICATIONS LTD
Keeping the Sunbelt cool makes Watsco a hot company. The company is one of the largest independent distributors of residential central air conditioners in the US, with nearly 360 locations in more than 30 states. It also stocks heating systems and industrial and commercial refrigeration products, and it provides installation and repair equipment for its products. Watsco serves contractors and dealers through its distribution centers, and it exports to Latin America and the Caribbean (less than 1% of sales). The firm's Dunhill Staffing Systems unit provides temporary and permanent employment services in the US and Canada. Chairman Albert Nahmad (and a limited partnership he controls) own some 60% of Watsco.
Shares were down 4% as profit drops on lower sales.
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Watsco Inc., a supplier of air conditioning and heating equipment, said Tuesday its fourth-quarter profit fell by 18 percent, due to strong sales volume in 2005.
The company earned $11.5 million, or 42 cents per share, compared with a profit of $14.1 million, or 50 cents per share, during the same period a year...