Watsco Inc., a distributor of heating, ventilation and air-conditioning products with $4.2 billion in sales last year, has its eye on competitors like Amazon.com Inc.
But it’s not afraid of e-commerce or digital technology. Instead, it’s investing about $23 million a year in e-commerce, mobile apps and upgraded warehousing and fulfillment systems to help differentiate Watsco from its online as well as offline competition, executives said on a first quarter earnings call yesterday with stock analysts.
Watsco is spending $23 million annually on innovative technologies to transform our business.Albert H. Nahmad, chairman and CEO
After Watsco’s executives noted that the company produced “record sales and net income” for the first quarter ended March 31, followed by accelerated sales in April, they fielded a question about how Watsco was geared up to compete amid the “eruption of e-commerce” affecting HVAC companies as well as other industries.
Albert H. Nahmad, chairman and CEO, noted that Watsco is spending “approximately $23 million” annually on “innovative technologies to transform our business.”