Watsco Boosts Annual Dividends 10% to $7.80
April 01 2021 - 7:30AM
Watsco, Inc.’s (NYSE: WSO) Board of Directors has declared a
regular quarterly cash dividend of $1.95 on each outstanding share
of its Common and Class B common stock payable on April 30, 2021 to
shareholders of record at the close of business on April 15, 2021.
The Company previously announced in February 2021 that its Board
approved a 10% increase in its annual dividend rate to $7.80 per
share following 2020’s record operating cash flow.
Watsco has paid dividends for 47
consecutive years. The Company’s philosophy is to share increasing
amounts of cash flow with shareholders through higher dividends
while maintaining a conservative financial position. Future
dividends will be considered in light of investment opportunities,
cash flow, general economic conditions and the Company’s 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 600 locations each year to get
information, obtain technical support and buy products.
The Company believes there is long-term
opportunity to be a significant participant and contributor in
efforts to address climate change. HVAC/R products provide comfort
to homes and businesses regardless of the outdoor climate. Older
systems often operate below current government-mandated energy
efficiency and environmental standards, resulting in higher energy
use and costs to homeowners. Sales of higher-efficiency
replacement systems have long been a fundamental opportunity in
Watsco/s marketplace. Watsco plans to actively collaborate
with its OEM partners and key stakeholders to lead these ongoing
efforts in its marketplace.Additional information
about Watsco may be found
at http://www.watsco.com.
This document includes certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may address,
among other things, our expected financial and operational results
and the related assumptions underlying our expected results. These
forward-looking statements are distinguished by use of words such
as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,”
“plan,” or “intend,” the negative of these terms, and similar
references to future periods. 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, except as required by applicable law.
Barry S. LoganExecutive Vice
President (305) 714-4102e-mail: blogan@watsco.com
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