* Q2 EPS $1.15 vs est $1.30
* Q2 rev $1.01 bln vs est $1.05 bln
* Cuts FY EPS view to $3.15-$3.25
July 25 Heating and refrigeration products
distributor Watsco Inc reported a lower-than-expected
rise in quarterly profit as it sold more low-margin products,
and the company cut its full-year forecast.
Watsco earned $39.1 million, or $1.15 a share, in the second
quarter, up from $36.0 million, or $1.09 a share, in the
Revenue rose 15 percent to $1.01 billion.
Analysts on average had expected earnings of $1.30 per share
on revenue of $1.05 billion, according to Thomson Reuters
Gross profit margin fell to 23.6 percent from 24.1 percent a
year earlier as heating, ventilation and air conditioning (HVAC)
equipment and commercial products increased their shares in the
overall sales, the company said.
Watsco cut its full-year outlook and now expects per-share
earnings of $3.15 to $3.25, down from the $3.25 to $3.40 it
The Florida-based company's shares closed at $75.62 on
Tuesday on the New York Stock Exchange.