Watsco—Alert Labs’ Parent Company—Joins the Fortune 500
After a record-setting year in 2022 that saw revenues reach $7.3 billion, Watsco, the largest HVAC/R distributor in North America and parent company of Alert Labs, became a member of the prestigious Fortune 500 list of companies for the first time. Based on 2022 fiscal year revenue from the largest United States corporations, Watsco was ranked 495 overall by Fortune magazine.
CEO of Alert Labs, Bob Wasserman, said, “We’re extremely proud of Watsco’s achievements and are excited to support our parent company in the fight against climate change with our smart water and HVAC solutions.”
Watsco’s entrepreneurial and technology-driven culture, which includes its acquisition of Alert Labs in 2018, has led the company to increases in sales and operating income at compounded annual growth rates (CAGRs) of 15% and 19%, respectively.
Watsco is 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, call or digitally interact with one of its 673 locations each year to get information, obtain technical support and buy products. Watsco plays a crucial role in the fight against climate change, presenting a long-term opportunity to significantly reduce CO2e emissions in our markets. Research by the Department of Energy has revealed that HVAC systems account for approximately 50% of U.S. household energy consumption. Thus, replacing outdated HVAC systems with higher efficiency models is a critical step that homeowners can take to reduce consumption. Watsco is also aggressively expanding its sales of heat pumps, which allow homeowners to reduce their carbon footprint by switching from conventional, fossil fuel-based heating systems to electric ones. By investing in high-efficiency HVAC systems and heat pumps, homeowners can not only reduce their energy consumption and save costs, but also significantly reduce their carbon footprint over time. Based on estimates validated by independent sources, Watsco averted an estimated 15.8 million metric tons of CO2e emissions from January 1, 2020 to December 31, 2022 through the sale of replacement HVAC systems at higher-efficiency standards (an equivalent of removing 3.4 million gas powered vehicles off the road for a year). More information, including sources and assumptions used to support the Company’s estimates, can be found at www.watsco.com.