Watsco Declares $1.60 Quarterly Dividend
April 01 2019 - 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 April 30, 2019 to shareholders of
record at the close of business on April 15, 2019.
Watsco has paid dividends to shareholders for 45
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 571 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. 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 press release includes certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. 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. 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
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