MIAMI, FLORIDA – (GLOBENEWSWIRE) – September 7, 2023 — Watsco, Inc. (NYSE: WSO) announced today that Barry Logan, Executive Vice President, is scheduled to speak at Morgan Stanley’s 11th Annual Laguna Conference on Wednesday, September 13, 2023 at 10:35 a.m. (EDT). Internet users can listen to a live webcast of the presentation at the Investor Relations section of Watsco’s website at www.watsco.com.
Watsco operates the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 350,000 contractors and technicians visit or call one of its 689 locations each year to get information, obtain technical support and buy products.
Our business is focused on the replacement market, which has increased in size and importance as a result of the aging of installed systems, the introduction of higher energy efficient models and the necessity of HVAC products in homes and businesses. According to data published in May 2022 by the Energy Information Administration, there are approximately 102 million HVAC systems installed in the United States that have been in service for more than 10 years, most of which operate well below current minimum efficiency standards.
Accordingly, Watsco has the opportunity to be a significant and important contributor toward climate change as its business plays an important role in the drive to lower CO2e emissions. According to the Department of Energy, HVAC systems account for roughly half of U.S. household energy consumption. As such, replacing existing systems at higher efficiency levels is one of the most meaningful steps homeowners can take to reduce electricity consumption and carbon footprint over time.
Based on estimates validated by independent sources, Watsco averted an estimated 17.4 million metric tons of CO2e emissions from January 1, 2020 to June 30, 2023 through the sale of replacement HVAC systems at higher-efficiency standards, an equivalent of removing 3.9 million gas powered vehicles annually off the road. More information, including sources and assumptions used to support the Company’s estimates, can be found at www.watsco.com.