Watsco, Inc. (NYSE:WSO) Q3 2024 Earnings Conference Call October 23, 2024 10:00 AM ET
Company Participants
Albert Nahmad - Chairman and CEO
Paul Johnston - Executive Vice President
Barry Logan - Executive Vice President of Planning and Strategy and Secretary
A.J. Nahmad - President
Rick Gomez - Vice President
Conference Call Participants
David Manthey - Robert W. Baird & Co.
Tommy Moll - Stephens Inc.
Jeffrey Hammond - KeyBanc Capital Markets Inc.
Ryan Merkel - William Blair
Patrick Baumann - JP. Morgan
Nigel Coe - Wolfe Research
Stephen Tusa - JP Morgan
Operator
Good day and welcome to the Watsco Third Quarter 2024 Earnings Conference Call. Please note that today's event is being recorded and all participants will be in a listen-only mode. [Operator Instructions]. After today's presentation there will be an opportunity to ask questions. [Operator Instructions]. Also, please be aware that today's call is being recorded.
I would now like to turn the call over to Albert Nahmad, CEO of Watsco. Please go ahead sir.
Albert Nahmad
Good morning. Welcome to our third quarter earnings call and this is Albert Nahmad, Chairman and CEO and with me is A.J Nahmad, President; Paul Johnston, Barry Logan and Rick Gomez. Before we start, our usual cautionary statement. This conference call has forward-looking statements as defined by SEC laws and regulations that are made pursuant to the safe harbor provisions of these various laws.
Ultimate results may differ materially from the forward-looking statements. Watsco produced record sales and net income for the quarter. Our markets have shown signs of stability and the fourth quarter is off to a good start with October sales up mid-single digits driven by meaningful unit growth.
Let me say that again. October sales are up mid-single digits and driven by meaningful unit growth. We also believe we have gained share based on industry data and shipment trends. We have also generated record cash flow this year and our balance sheet remains in pristine condition to enable investments in growth. As communicated in our press release, we are in recovery mode with one of our primary OEMs, a fairly large supplier of equipment to us. We are collaborating with them and co-investing to make the needed investments to regain business and add new customers.
Moving on, we continue to make investments in the industry's most innovative technology platforms for HVAC contractors. Greater adoption and use of our platforms by a growing number of contractors has helped produce market share gains. Annualized E-Commerce sales now exceed $2.5 billion and our active users continue to grow faster than non-users.