Watsco misses by $0.11, misses on revs; guides FY14 EPS below consensus (97.49)
Reports Q2 (Jun) earnings of $1.60 per share, $0.11 worse than the Capital IQ Consensus Estimate of $1.71; revenues rose 4.4% year/year to $1.17 bln vs the $1.2 bln consensus.
- Co issues downside guidance for FY14, sees EPS of $4.20-4.40 vs. $4.48 Capital IQ Consensus Estimate.
- "These results also reflect investments in new locations, the addition of more than 200 employees and the development and launch of technologies to generate long-term growth and market share. New locations bring density and convenience to our customers. New employees, including more outside salespeople, counter-sales personnel, commercial HVAC experts and product line champions, intensify our sales and customer-service efforts. Our on-going investments in technology, both in talent and in capital spending, will provide innovative capabilities to sell products and serve our customers as well as provide greater insight into our business. We expect these investments to generate growth, develop share for our vendor partners and further distance ourselves from the competition."