Watsco - WSO STOCK NEWS

Watsco, Inc. (WSO) reported its Q1 2023 results demonstrating a 2% increase in sales to a record $1.55 billion, despite a slight decline in gross profit, which was $448 million at a 28.9% margin. Operating income decreased by 4% to $165 million. The company's EPS fell to $2.83 compared to $2.90 in Q1 2022. Watsco highlighted ongoing investments in technology improving contractor engagement and expanding its market share. The firm remains confident in its ability to navigate regulatory challenges and seasonal sales fluctuations, boosting heat pump sales by 7% and maintaining strong cash flow with a $54 million increase. The company’s financial health is reflected in its net borrowings of $57 million and a 53% increase in its annual dividend rate. Future growth is anticipated from industry trends toward energy efficiency and technological advancements.

Watsco, Inc. (NYSE: WSO) will host a conference call on April 20, 2023, at 10:00 a.m. EDT to discuss its first quarter financial results. The results will be released before market open on the same day. The call will include prepared remarks followed by a Q&A session with senior management. Investors are encouraged to pre-register for immediate access using the provided link. Watsco operates a significant distribution network for heating, air conditioning, and refrigeration products across the U.S., Canada, Mexico, and Puerto Rico, serving over 350,000 contractors annually through its 675 locations. The company highlights its role in reducing CO2 emissions, claiming to have averted 15.8 million metric tons of CO2e emissions from 2020 to 2022 through the sale of energy-efficient HVAC systems.

Watsco, Inc. (NYSE: WSO) declared a quarterly cash dividend of $2.45 per share, payable on April 28, 2023, to shareholders of record by April 17, 2023. This marks the 49th consecutive year of dividend payments, as Watsco continues to prioritize sharing cash flow with shareholders while maintaining a conservative financial approach. The company plays a crucial role in combating climate change by selling high-efficiency HVAC systems, which have reportedly averted 15.8 million metric tons of CO2e emissions since 2020, equating to the removal of approximately 3.4 million gas-powered vehicles from the road.

Watsco, Inc. (NYSE: WSO) has secured a $600 million unsecured revolving credit facility, replacing its previous $560 million facility. This new five-year agreement, led by Bank of America, aims to support working capital, acquisitions, dividends, and other general purposes while bearing interest linked to the Secured Overnight Financing Rate (SOFR). The facility offers increased borrowing capacity and covenant flexibility, catering to Watsco's seasonal working capital needs. CEO Albert H. Nahmad emphasized the importance of low-cost debt for growth, while the company's distribution network remains vital for HVAC systems that help reduce CO2 emissions and enhance energy efficiency.

Watsco (NYSE: WSO) announced that Barry Logan, Executive Vice President, will present at J.P. Morgan's 2023 Industrials Conference on March 15, 2023, at 9:40 a.m. (EDT). The presentation will be available via live webcast on Watsco's Investor Relations webpage. As the largest HVAC/R distribution network in North America, Watsco serves over 350,000 contractors through its 673 locations. The company emphasizes its role in combating climate change, having prevented an estimated 15.8 million metric tons of CO2e emissions since 2020 through the sale of high-efficiency HVAC systems, equivalent to removing 3.4 million gas-powered vehicles from the road for a year.

Watsco, Inc. (NYSE: WSO) reported record fourth quarter and full-year 2022 results, driven by strong sales and operational efficiencies. Fourth quarter EPS surged 76% to a record $3.55, with sales reaching $1.58 billion, up 5%. Gross profit also increased by 5%, reaching $434 million. Full-year sales rose 16% to $7.27 billion, with net income growing 43% to $601 million. The company benefitted from a $49 million tax advantage due to restricted stock vesting, notably enhancing EPS figures. Watsco emphasizes its robust technology platforms and strategic growth initiatives within the $50+ billion HVAC/R market.

Watsco, Inc. (NYSE: WSO) will host a conference call on February 16, 2023, at 10:00 a.m. (ET) to discuss its 2022 fourth quarter and annual financial results. The call will include prepared remarks followed by a Q&A session with senior management. Earnings results will be released before market open on the same day. Participants can pre-register for immediate access via a unique PIN. Watsco operates the largest HVAC/R distribution network across North America, significantly contributing to climate change mitigation through high-efficiency HVAC system sales, reportedly averting an estimated 15.8 million metric tons of CO2e emissions between 2020 and 2022.

Watsco Declares $2.45 Dividend

On January 3, 2023, Watsco, Inc. (NYSE: WSO) announced a quarterly cash dividend of $2.45 per share, payable on January 31, 2023, to shareholders of record as of January 17, 2023. This marks the 49th consecutive year of dividend payments, reflecting the company’s commitment to sharing cash flow while maintaining a strong balance sheet. Watsco plays a crucial role in reducing CO2 emissions by offering high-efficiency HVAC systems, having averted an estimated 14.2 million metric tons of CO2 emissions from 2020 to 2022.

Watsco, Inc. (NYSE: WSO) has announced an 11% increase in its annual dividend to $9.80 per share. This reflects the company's strong performance in 2022 and confidence in future prospects, according to Chairman & CEO Albert H. Nahmad. The new dividend will be paid starting in January 2023. Watsco has maintained dividend payments for 48 consecutive years, emphasizing a commitment to sharing increased cash flow with shareholders while upholding a conservative balance sheet.