Heating, ventilation, air-conditioning, and refrigeration (HVACR) distribution equipment and parts company (NYSE: WSO) has a fantastic track record of delivering returns for investors. Not only has the share price delivered stellar returns, but the dividend has grown by a compound annual growth rate of 21% since 1989. However, where a company is going matters more than where it came from, so is Watsco still a good investment? Here's the lowdown. 

It's a legitimate question, particularly as a quick look at Watsco's headline fundamentals and Wall Street analyst estimates for 2023 suggests the company is passing through some challenging conditions. For example, sales over the last nine months came in flat over the same period last year, and declined 1% on a same-store basis, the company said in its third-quarter report.

Moreover, Wall Street analysts expect just 0.6% sales growth overall in 2023. It's a similar story with earnings per share (EPS), with nine-month EPS coming in at $11.60 compared to $11.86 over the same period last year, and analysts expecting full-year EPS to decline to $13.98 compared to $15.41 in 2022. 

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Source Fool.com