Revenue during the quarter went up marginally by 1.08 percent to $913.61 million from $903.82 million in the previous year period. Gross margin for the quarter expanded 40 basis points over the previous year period to 24.96 percent. Total expenses were 93.64 percent of quarterly revenues, down from 94 percent for the same period last year. This has led to an improvement of 36 basis points in operating margin to 6.36 percent.

Operating income for the quarter was $58.07 million, compared with $54.20 million in the previous year period.

Albert H. Nahmad, Watsco's chairman and chief executive officer stated: "Watsco produced record results in a year of varying seasonal conditions in certain of our larger U.S. markets and lower international sales and profits due to a stronger U.S. dollar. This performance includes a 17% increase in technology costs for our on-going investments designed to enhance the customer-experience, to optimize the speed and efficiency of our operations and to compete in ways and at a scale that sets us apart in the marketplace."

The company has spent $42.83 million cash to meet investing activities during the year as against cash outgo of $22.94 million in the last year.

The company has spent $213.92 million cash to carry out financing activities during the year as against cash outgo of $186.32 million in the last year period.

Cash and cash equivalents stood at $56.01 million as on Dec. 31, 2016, up 58.99 percent or $20.78 million from $35.23 million on Dec. 31, 2015.

Debt comes down marginally
Watsco, Inc. has recorded a decline in total debt over the last one year. It stood at $235.49 million as on Dec. 31, 2016, down 4.07 percent or $9.99 million from $245.48 million on Dec. 31, 2015.