Watsco Declares $1.60 Quarterly Dividend
January 02 2020 - 7:30AM
Watsco, Inc. (NYSE: WSO) announced today that its Board of
Directors has declared a regular quarterly cash dividend of $1.60
on each outstanding share of its Common and Class B common stock.
The cash dividend is payable on January 31, 2020 to shareholders of
record at the close of business on January 16, 2020.
Watsco has paid dividends to shareholders for 46
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.
About Watsco
Watsco is the largest distribution network
for heating, air conditioning and refrigeration (HVAC/R) products
with locations in the United
States, Canada, Mexico and Puerto Rico, and on
an export basis to Latin America and the Caribbean.
Watsco estimates that over 300,000 contractors and technicians
visit or call one of its 610 locations each year to get
information, obtain technical support and buy products. HVAC/R
products provide comfort to homes and businesses regardless of the
outdoor climate. There are approximately 91 million central air
conditioning and heating systems installed in the United
States that have been in service 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 its 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.
Additional information about Watsco may be found
at www.watsco.com.
This document includes certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. 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
Watsco’s industry, seasonal nature of sales of Watsco’s 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 Watsco 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. Watsco assumes no obligation to update forward-looking
information to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information.
Barry S. Logan Executive Vice
President(305) 714-4102e-mail: blogan@watsco.com
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