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Text: This is Al Nahmad, Chairman and CEO and with me is A.J. Nahmad, President; Paul Johnston, Executive Vice President and Barry Logan, Executive Vice President.
Before I report, let me first wish that you and your families are healthy and safe.
Now onto our report.
Watsco just completed an outstanding third quarter.
EPS grew 25% to a record $2.76.
Records were set for sales, gross profit, operating profit, operating margins and net income.
These results were driven by strong growth in our U.S. residential HVAC equipment business, which grew 19% during the quarter and from operating efficiencies achieved throughout our network, as evidenced by the nominal change in SG&A.
Homeowners clearly are investing in their homes as HVAC replacement sales have remained strong from early summer through today.
We also believe that greater adoption of our Watsco technologies has contributed to our results and led to gains in market share.
Our best indication of this impact are two simple metrics.
first, customers that use Watsco technologies are growing at a much faster rate than non-users.
Second, we are experiencing minimal attrition among active users on a year-over-year basis.
Now keeping this in mind, we continue to invest in our platforms and to drive for greater adoption by more customers.
Here are some examples of our progress.
Weekly users of our mobile apps have grown 31% since last year with over 100,000 downloads.
E-commerce transactions have grown by 19% this year to nearly 1 million online orders, which is about $1.5 billion in annual rate at the moment.
Our annual -- our annualized e-commerce sales run rate is 32%, versus 29% at the end of last year and in certain markets the use of e-commerce is over 50%.
Our dockside pickup services have expanded to more locations and now include non-contact payment functionality.
This technology has only been available for a few months and already over 12,000 orders were fulfilled during the quarter by more than 2,000 unique users.
Two of our newer innovative platforms have gained momentum.
We call them OnCall Air and the second one CreditForComfort.
These platforms provide digital connectivity for contractors and homeowners when making proposals, and buying and financing replacement systems.
Contractors using our -- what we call OnCall Air platform provided digital proposals to over 39,000 households during the quarter, and generated $114 million in sales, nearly double that of last year.
Our CreditForComfort platform process doubled in number of digital financing applications resulting in an 87% increase in third-party funded loans.
Investments in inventory management software have also benefited us this year, with inventory turns improving 25 basis points over last year and of course contributing to cash flow and operating efficiency.
All of this is exciting, but we believe, Watsco's technology are only scratching the surface of their full potential.
As always, feel free to schedule a zoom call with us and we can further explain our technology and progress.
We also strengthened Watsco's balance sheet this quarter.
We generated record operating cash flow of $373 million, which is far away a record for the year, so far, and we have no debt at this time.
Importantly, we have the capacity to make almost any size investment to grow in our business.
And I always like to comment that we're in a $40 billion industry of which we are only $5 billion, so we have lots of room for growth.
And then finally, one more very important thought, our results are a testament to the efforts of our teams across the Watsco network.
We deeply appreciate their commitment.

user
watsco q3 earnings per share $2.76.
watsco earnings per share jumps 25% setting new records for sales, operating profit, net income and operating margins during third quarter.
q3 earnings per share $2.76.

assistant