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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2013
Selected Quarterly Financial Data

WATSCO, INC. AND SUBSIDIARIES

SELECTED QUARTERLY FINANCIAL DATA

(UNAUDITED)

 

(In thousands, except per share data)

   1st
Quarter		     2nd
Quarter		     3rd
Quarter		     4th
Quarter		     Total  

Year Ended December 31, 2013

          

Revenues (1)

   $ 713,633      $ 1,120,452      $ 1,081,893      $ 827,352      $ 3,743,330   

Gross profit

     175,446        266,680        258,597        198,530        899,253   

Net income attributable to Watsco, Inc.

   $ 13,385      $ 51,318      $ 45,699      $ 17,321      $ 127,723   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share for Common and Class B common stock (2):

          

Basic

   $ 0.39      $ 1.48      $ 1.32      $ 0.50      $ 3.69   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ 0.39      $ 1.48      $ 1.32      $ 0.50      $ 3.68   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Year Ended December 31, 2012

          

Revenues (1)

   $ 633,512      $ 1,011,801      $ 1,020,859      $ 765,540      $ 3,431,712   

Gross profit

     150,622        238,475        242,505        182,793        814,395   

Net income attributable to Watsco, Inc.

   $ 8,466      $ 39,103      $ 41,005      $ 14,760      $ 103,334   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share for Common and Class B common stock (2)(3):

          

Basic

   $ 0.23      $ 1.15      $ 1.19      $ 0.04      $ 2.70   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   $ 0.23      $ 1.15      $ 1.19      $ 0.04      $ 2.70   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Sales of residential central air conditioners, heating equipment and parts and supplies are seasonal. Demand related to the residential central air conditioning replacement market is typically highest in the second and third quarters and demand for heating equipment is usually highest in the fourth quarter. Demand related to the new construction sectors throughout most of the markets is fairly consistent during the year, except for dependence on housing completions and related weather and economic conditions.
(2) Quarterly and year-to-date earnings per share are calculated on an individual basis; therefore, the sum of earnings per share amounts for the quarters may not equal earnings per share amounts for the year.
(3) On October 31, 2012, we paid a special dividend of $5.00 per share of Common and Class B common stock that resulted in a $0.37 per share and $0.33 per share reduction in diluted earnings per share for the quarter and year ended December 31, 2012, respectively.