Watsco Declares $1.45 Quarterly Dividend
July 02 2018 - 7:30AM
Watsco, Inc. (NYSE:WSO) announced today that its Board of Directors
has declared a regular quarterly cash dividend of $1.45 on each
outstanding share of its Common and Class B common stock. The cash
dividend is payable on July 31, 2018 to shareholders of record at
the close of business on July 17, 2018.
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.
About Watsco, Inc.
Watsco operates 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 250,000 contractors and technicians
visit or call one of its 563 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 92 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 http://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. Forward-looking
statements speak only as of the date the statement was 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. 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.
Barry S. LoganSenior Vice President(305) 714-4102e-mail:
blogan@watsco.com
Watsco, Inc.2665 S. Bayshore Drive, Suite 901Miami, Florida
33133, USA(305) 714-4100Fax: (305) 858-4492www.watsco.com
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