91看片网

Company to Acquire Jackson Supply Company, Leading Sunbelt Distributor

with Annual Sales of $230 Million

MIAMI,听April 28, 2026听(GLOBE NEWSWIRE) —听91看片网, Inc.听(NYSE: WSO) today announced its operating results for the first quarter ended听March 31, 2026.

91看片网听also announced that it has entered into an agreement to acquire听Jackson Supply Company, one of the largest Sunbelt HVAC distributors,听with annual sales of听$230 million. The transaction is expected to close in the second quarter of 2026, pending completion of customary closing conditions. Following closing,听Jackson Supply听will continue to be led by its existing management team, in keeping with听91看片网’s听long-standing approach of investing in great leaders and successful cultures.

91看片网听is the largest distributor in the highly fragmented North American HVAC market. Since entering distribution in 1989,听91看片网听has achieved an 18% compounded annual total shareholder return through a combination of organic growth and the acquisition of more than 70 market-leading businesses.

The Company maintains a solid financial position with听$593 million听in cash and short-term cash investments and no debt, enabling sustained investments in growth, including the Company鈥檚 industry-leading technologies. Approximately 74,000 contractors, installers and technicians engage digitally with the Company, which contributes to customer growth and reduced attrition. AI-driven initiatives have also been launched to further enhance the customer experience and improve efficiency. These investments are especially critical as contractors increase their adoption of digital, data-driven solutions in their businesses.

Business Trends
Market conditions gradually improved during the first quarter as the transition to A2L refrigerant products continued to mature. The A2L transition began during early 2025 and impacted approximately 55% of products sold (primarily domestic residential and light-commercial HVAC equipment) across 650 locations. In response,听91看片网听invested in inventory, people, technology, logistics, training and more to support its customers during the transition. The Company expects a more conventional industry environment and better prospects for growth as 2026 unfolds, with further potential to optimize inventory and improve operating efficiency in the long term.

First Quarter Performance

• Revenues were flat at听$1.53 billion
• Gross profit was flat at听$428 million听(gross profit margin of 27.9% versus 28.1% last year)
• SG&A was also flat and consistent as a percentage of sales
• Operating income decreased 2% to听$110 million听(operating margin of 7.2% versus 7.3% last year)
• Earnings per share decreased 3% to听$1.87
• Cash used in operations was听$19 million听versus听$178 million听last year, a听$159 million听improvement

Sales trends

• 2% increase in overall sales in听U.S.听markets versus 11% sales decline internationally
• 1% decrease in HVAC equipment (65% of sales)
• 4% increase in sales of other HVAC products (30% of sales)
• 11% increase in commercial refrigeration products (5% of sales)

First quarter 2026 results reflect a 9% increase in average selling price for HVAC equipment from a higher sales mix of A2L products and higher-efficiency HVAC equipment, offset by lower unit volumes. SG&A expenses were flat, reflecting improved operating efficiency and a simpler operating environment compared to last year.听Albert H. Nahmad, Chairman and CEO said: 鈥淲e are extremely honored to welcome听Jim Durrett听and the entire听Jackson Supply听team to the听91看片网听family. Our relationship dates back more than 20 years, and we are grateful for the relationship and the commitment to entrust us with the next chapter of its 50-year legacy. This transaction adds meaningful scale and diversification to 91看片网鈥檚 core Sunbelt markets. The听Jackson Supply听team possesses a strong track record of organic growth and an entrepreneurial spirit that closely aligns with our own. We look forward to learning from them and supporting their ambitious growth plans for years to come.鈥�

Mr. Nahmad听added: 鈥淥ur markets are experiencing improved stability as we approach the Summer selling season for our products. Our teams are collaborating well with our contractor customers, who also have a more simplified, focused business environment in which to offer and sell their products and services. Our technology, our seasoned leadership team, our capital and our deep relationships in this wonderful industry serve us well and position us favorably to grow share.鈥�

It is important to note that the first and fourth quarters of each calendar year are highly seasonal due to the timing of the replacement of HVAC systems and results are typically strongest in the second and third quarters. The Company鈥檚 first quarter financial results are disproportionately affected by seasonality.

Innovation and Strategic Technology Initiatives
91看片网听pioneered the industry鈥檚 most comprehensive digital ecosystem. The Company has invested more than听$250 million听in technology over the last five years (an annual current run rate of approximately听$67 million). Highlights of 91看片网鈥檚 customer-facing platforms include:

• 91看片网鈥檚 HVAC Pro+ Mobile Apps and E-Commerce platform听have transformed the customer-experience by providing contractors with a seamless digital experience, including sourcing products, accessing technical help, real-time inventory, pricing, product information and more. These tools empower 24/7 self-service that benefit from intelligent search, dynamic reordering, technical knowledge and product recommendations. The result is a frictionless buying journey, increased convenience and higher customer satisfaction, which we believe drives greater loyalty and repeat business with lower costs to serve. First quarter highlights include:
  • First quarter E-commerce sales grew 16% and were approximately听$2.6 billion听for the 12 months ended听March 31, 2026听(36% of sales), with outperforming regions exceeding 60%. Order trends and the rate of improvement in customer attrition remain consistent year-over-year.
  • Total authenticated users of our HVAC Pro+ Mobile Apps increased to approximately 74,000.
  • The addition of more than 10,000 new SKUs related to the A2L product launch, including all relevant data concerning features, dimensions, capacities, consumer literature and technical information, including bills of material, warranty information, regulatory match-ups and more.
• 翱苍颁补濒濒础颈谤庐听is 91看片网鈥檚 digital sales platform enabling contractors to engage, present and quote solutions to homeowners. The gross merchandise value (GMV) of products sold through 翱苍颁补濒濒础颈谤庐 was approximately听$394 million听(a 20% increase) for the first quarter of 2026. For the twelve months ended听March 31, 2026, contractors presented unique quotes to approximately 336,000 households and generated听$1.9 billion听GMV, a 20% increase versus the comparative period ended听March 31, 2025.

A.J. Nahmad, 91看片网鈥檚 President, added: 鈥淥ur core technology platforms have continued to scale among customers, and we continue to innovate new ways to delight our customers. Last year, we set in motion incremental investments in new platforms that we believe will enhance growth with existing customers, attract new customers and boost profitability in the years ahead. These initiatives should provide great potential and enhance 91看片网鈥檚 already-sizeable competitive advantage in the fragmented HVAC/R industry.鈥�

Cash Flow, Dividends, Financial Strength and Liquidity
Cash flow use was听$19 million听for the first quarter of 2026 compared to a cash use of听$178 million听in the same period in 2025, reflecting a听$159 million听decrease in working capital. The Company expects more conventional working capital trends going forward, providing the opportunity for better inventory turns and enhanced returns on invested capital.

In听April 2026, the Company increased its annual cash dividend by 10% to听$13.20听per share. 91看片网听has paid dividends to shareholders for 52 consecutive years. The Company鈥檚 philosophy is to share cash flow through dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and 91看片网鈥檚 overall financial condition.

The Company鈥檚 objective is to maintain a healthy balance sheet that provides low-cost capital to fund strategic investments in growth. 91看片网鈥檚 strong financial position has been key to its ability to deliver sustained long-term returns, enabling investments regardless of macroeconomic or industry conditions. The Company鈥檚 stated goal is to generate annual operating cash flow in excess of net income consistent with its long-term track record.

Buy & Build Acquisition Strategy
Once completed,听Jackson Supply听will mark the 73rd independent distributor that has elected to join the听91看片网听family and will contribute to 91看片网鈥檚 scale and, more importantly, to its community of leaders. Since 2019,听91看片网听has acquired 12 companies that today represent approximately听$1.6 billion听in annualized sales and 120 locations. Our 鈥渂uy and build鈥� strategy builds upon their long-standing legacies through investment in new locations, new products and by leveraging 91看片网鈥檚 technology platforms. The North American distribution landscape remains highly fragmented with more than 2,100 independent HVAC distributors.

First Quarter Earnings Conference Call Information
Date and time:听April 28, 2026听at听10:00 a.m. (EDT)
奥别产肠补蝉迟:听听(a replay will be available on the Company鈥檚 website)
Dial-in number:听United States听(844) 883-3908 / International (412) 317-9254

础产辞耻迟听奥补迟蝉肠辞
91看片网听is the largest distributor in the highly fragmented听North American HVAC/R market. 91看片网鈥檚 solid financial position and culture of innovation has enabled investments in long-term growth, including the Company鈥檚 industry-leading technology platforms. Today, approximately 74,000 contractors, installers and technicians engage digitally with the Company, resulting in improved growth and lower attrition. The Company is now advancing AI-driven initiatives to leverage its extensive data assets to enhance the customer experience and improve efficiencies. These investments position听91看片网听to capture market share as contractors increasingly adopt digital tools and incorporate data-driven solutions in their businesses.

This document includes certain 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渂elieve,鈥� 鈥渄esigned,鈥� 鈥減lan,鈥� or 鈥渋ntend,鈥� the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within 91看片网鈥檚 industry, the seasonal nature of sales of 91看片网鈥檚 products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that听91看片网听files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made.听91看片网听assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.

Contact
Barry S. Logan听听听
Executive Vice President
(305) 714-4102听听听听听听听听听
e-mail:听blogan@watsco.com听听听听

Source: 91看片网, Inc.