MIAMI, April 02, 2018 (GLOBE NEWSWIRE) -- Watsco, Inc.’s (NYSE:WSO) Board approved a 16% increase in the annual dividend rate to $5.80 per share and 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 April 30, 2018 to shareholders of record at the close of business on April 16, 2018.

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.

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 560 locations each year to get information, obtain technical support and buy products.

Watsco has launched a variety of customer-obsessed technologies to transform how HVAC/R contractors and technicians are served in the marketplace. Watsco believes speed, productivity and efficiency will be ever more critical as the digital era progresses and is investing to ensure an unparalleled customer-experience. Proprietary innovations launched by Watsco include:

• Mobile apps, websites and e-commerce platforms, incorporating the industry’s most data-rich repository of product information.
• Business intelligence and data analytics to enable insightful decision-making by 600+ managers.
• Order fulfillment software to improve speed and convenience of fulfilling nearly 7 million orders.
• Predictive analytics-driven demand planning and inventory optimization software to improve order fill-rates, increase inventory turns, reduce real estate requirements and improve long-term productivity.

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.

Source: Watsco, Inc.