UPDATE 1-Watsco posts Q1 profit

Thu Apr 22, 2010 8:00am EDT

* Q1 EPS $0.10 vs loss/shr of $0.07 a year ago

* Q1 rev rise 75 pct, helped by JV

April 22 (Reuters) - Watsco Inc (WSO.N), a distributor of heating, air conditioning and refrigeration products, posted a quarterly profit as its Carrier Enterprise joint venture drove sales up 75 percent.

For the latest first quarter, the company posted earnings of $2.9 million allocated to shareholders, or 10 cents a share, compared with a loss of $2.0 million, or 7 cents a share, in the year-ago period.

Revenue rose to $510 million and included $226 million of sales added by Carrier Enterprise -- the joint venture Watsco formed with Carrier Corp, a unit of United Technologies Corp (UTX.N).

Watsco owns 60 percent stake in the joint venture that was formed in July 2009.

On an adjusted basis, the company earned 13 cents a share.

Analysts on average were expecting earnings of 16 cents a share, before special items, on revenue of $534.7 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $61.15 Wednesday on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore;Editing by Aradhana Aravindan)

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