welcome and Watsco quarter second Good to call. earnings morning the
with sunny to Nahmad, it’s and Barry Nahmad, Logan, coming President; are President. Executive Miami, Paul Chairman is Johnston, President; you CEO, Senior Al We and is from where Vice A.J. This very and Vice me warm.
the forward-looking of we that by defined SEC various and regulations As before usual results materially statement. as start we may always provisions This statements. from statements cautionary made Safe pursuant laws. Ultimate the to are the these do, conference Harbor call has differ laws forward-looking
Now achieved results. the on to report. record second Watsco quarter
replacement includes record results were In while performance driven as income growth technology partly continuing margins, net achieved was of investments well significant expand as to leading and the capabilities. for sales earnings facing by industry increased Our addition price in customer systems. profits, share. and to service platforms, demand, our Sales sales, Watsco’s per unit make operating mix employees and
As share, all in of improving build are number way, to initiatives to employees goal our a over processes innovation are accelerate market we we of challenging sales the more reduce cost. of utilization efficient under and A long mentioned of profitability the with develop our release, term.
we investment of condition have dividends. light Future paid flow, to During $X.XX will XXth we that considered business per cash raised in and dividend quarter our annual our the dividend the year share. XXXX conditions. consecutive marks opportunities, be financial increases
investment advantage conservative along. positions X%. of remains come any debt of size This that may Our total to with to a opportunity balance take cap almost us sheet
game flow We a the of strong changing be use initiatives, a always, to adoption important various continue On income and cash platforms. of cash flow net second again grow period. technology As exceed very year. our this will we our the year target to half
business. in More customers XXX,XXX now mastered digitally over SKUs speed product to and using SKUs. and apps our have added is their e-commerce our gain For which example, and to been are more efficiency database, information
Given our implemented year XX% and complete close to-date, reach could fulfillment of $X.X orders have and locations technology and our a believe sales ship run we to save customers time. progress billion In rate. year and distribution analytics More has our exit our Technology employees order year are data this More channel the rate to gain with to run summary, e-commerce into using of X% transformation an at far Watsco’s so our $XX insight continues. annual million. this increased of operations spending faster opportunities.
second the a income in income year basis lower margins Revenue including X%, to $XXX has XX ago. a net $XX to by results. of operating including million of from record income record the X% $X.XX, grew XX% benefit million Now EPS Debt quarter been a equipment increased XX.X%. Operating reduced a increased taxes. expanded sales. X%, a
remains reflect gross vendor selling overall equipment positive. are equipment by of impacted refrigerants. Our Gross to were non-reoccurring timing related the also higher benefits offset environment pricing last margins related by the The year incentives. margins margins for that
mid-year round the through increases profit recently half price results. existing first are the The second introduced reflected of of us and opportunity the The price OEM year. our sales in with are presenting increases
equipment Revenues equipment. The half. Now results X% pricing positive. HVAC for increase overall the the driven remains in residential first for the grew X%, by environment
increases our The reflected are OEM results. in price our first round of
year. recently increases half us of sales introduced price the the mid-year with profit the Now a during opportunity presenting and second are
$XXX expanded $XXX to a revenues the first net million. grew income $X.XX, X% from basis record to HVAC driven increase for half, million. Operating points increased and of a a increased XX% by residential XX margins EPS to X% X% results equipment. X.X% income record Now Operating
Q&A. This term to great Now a move one It insight which thinking. we our summit Baird event greater provide was past last and our invited investors into Watsco technology you're long institutional hosted May, listen on on to website. a to comment before to
Paul, provides happy our more how host our happy follow-up, about Miami deep I term headquarters A question. also institutions wish to learn we're platforms the to answer With a culture, which first-hand critical visit that, our are and long of success. learn who to Watsco to understanding is unique As your technology redefining our are and also to a industry. AJ, and Barry
