Watsco Boosts Dividends 19% to $5.00 Per Share
03 July 2017 - 9:30PM
Business Wire
Watsco, Inc.’s (NYSE: WSO) Board approved a 19% increase in the
annual dividend rate to $5.00 per share and has declared a regular
quarterly cash dividend of $1.25 on each outstanding share of its
Common and Class B common stock. The cash dividend is payable on
July 31, 2017 to shareholders of record at the close of business on
July 17, 2017.
Albert H. Nahmad, Watsco’s Chairman & CEO stated: “We are
pleased to be able to increase dividends to our shareholders. This
latest increase reflects our confidence in the business and is
supported by our continued cash flow and strong balance sheet.”
Watsco has paid dividends to shareholders for more than 40
consecutive years. The Company’s philosophy is to share increasing
amounts of cash flow through higher 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 Watsco’s overall financial condition.
Watsco improves indoor living and working environments with air
conditioning and heating solutions that provide comfort regardless
of the outdoor climate. There are approximately 92 million central
air conditioning and heating systems installed in the United States
that have been in service for more than 10 years. Older systems
often operate below today’s government mandated energy efficiency
and environmental standards. Watsco has an opportunity to
accelerate the replacement of these systems at a scale greater than
our competitors as the movement toward reducing energy consumption
and its environmental impact continues. This is especially
important since heating and cooling accounts for approximately half
of the energy consumed in a typical U.S. home.
Watsco’s traditional sales channel is through one of its 561
locations in the United States, Canada, Mexico and Puerto Rico, and
on an export basis to Latin America and the Caribbean. This network
has been built over the last 25 years and serves 88,000 active
customers. Watsco is developing and investing in technologies to
enable sales via e-commerce, on-line marketplaces and through the
retail sales channel. As the industry leader, we believe that
significant growth potential remains given that the marketplace for
HVAC/R products at the consumer level is estimated to be $88
billion annually. Additional information about Watsco may be found
at http://www.watsco.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170703005055/en/
Watsco, Inc.Barry S. Logan, 305-714-4102Senior Vice
Presidentblogan@watsco.com
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