MIAMI--(BUSINESS WIRE)--Jan. 6, 2015--
Watsco, Inc. (NYSE: WSO) (Paris: WSO) announced today that its Board of
Directors has approved a 17% increase in its annual dividend to $2.80
per share. A regular quarterly dividend of 70 cents per share has been
declared for each outstanding share of its Common and Class B common
stock payable on January 30, 2015 to shareholders of record at the close
of business on January 21, 2015. Watsco has paid quarterly dividends for
40 consecutive years.
Albert H. Nahmad, Watsco's Chairman & Chief Executive Officer stated,
“Our philosophy of sharing cash flow through dividends continues. As we
have stated many times in the past, our goal over the long-term is to
pay increasing dividends while maintaining a conservative balance sheet
with capacity to make investments in our business and build our network.
We will consider future increases in light of such investment
opportunities, cash flow, general economic conditions and our overall
financial condition.”
About Watsco
Watsco improves indoor living and working environments with air
conditioning and heating solutions that provide comfort regardless of
the outdoor climate. Furthermore, since heating and cooling accounts for
approximately half of the energy consumed in a typical United States
home, we offer consumers the greatest opportunity to save money on
energy by replacing existing air conditioning and heating systems with
more energy efficient and environmentally friendly solutions.
There are approximately 89 million central air conditioning and heating
systems installed in the United States that have been in service for
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 our competitors as the movement toward reducing energy
consumption and its environmental impact continues. We operate from more
than 570 locations in the United States, Canada, Mexico and Puerto Rico,
with additional market coverage on an export basis to Latin America and
the Caribbean. As the industry leader, significant growth potential
remains given that the estimated marketplace in the Americas for HVAC/R
products is $35 billion. 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.
Source: Watsco, Inc.
Watsco, Inc.
Barry S. Logan, 305-714-4102
Senior Vice President
e-mail:
blogan@watsco.com
