Shares of Watsco slipped after the heating, ventilation and air-conditioning distributor's second-quarter earnings missed analyst estimates and its profit fell.

The stock was down more than 15%, to $310.71, midday Wednesday, has fallen 7.8% since the start of the year.

Watsco reported net income of $163.3 million, or $4.00 a share, compared with $183.6 million, or $4.52 a share, a year earlier.

Analysts polled by FactSet were expecting earnings to be $4.52 a share.

Revenue rose 2%, to $2.1 billion. Analysts polled by FactSet expected $2.14 billion.

The Miami company logged a 3% increase in sales of heating, ventilation and air-conditioning equipment, a 1% decrease in other heating, ventilation and air-conditioning products and a 19% increase in commercial-refrigeration products.

Chief Executive Albert Nahmad said the company's second-quarter performance is indicative of improving end-market stability after a busy period of regulatory transitions.

Watsco closed on its acquisition of Jackson Supply Company, a heating, ventilation and air- conditioning distributor in June.