Welcome to our dedicated page for Watsco news (Ticker: WSO), a resource for investors and traders seeking the latest updates and insights on Watsco stock.
Watsco, Inc. (NYSE: WSO) is the largest distributor of heating, air conditioning, and refrigeration (HVAC/R) products in North America. Established over 50 years ago, Watsco transitioned from manufacturing HVAC/R components to distribution in 1989, emerging as an industry leader. The company operates 507 locations across 36 states, Puerto Rico, Latin America, and the Caribbean. As of 2023, Watsco generates 90% of its revenue from the U.S., with additional operations in Canada and Latin America, each contributing 5% to sales.
With a robust network of 4,000 employees, Watsco supports over 125,000 contractors who provide essential HVAC/R installation, repair, and replacement services. The company’s extensive product range meets the needs of four key industry segments:
- Air Conditioners, Furnaces, and Related Parts: Accounting for 50% of their offerings.
- Air Movement Products: Including ductwork and insulation, contributing 25%.
- Controls: Such as thermostats and air treatment systems, comprising 15%.
- Refrigeration Products: Making up 10% of their inventory.
Watsco’s significant presence in the HVAC/R market, particularly in the Sunbelt states, positions it strategically to capitalize on growth opportunities. The company’s entrepreneurial culture, industry scale, and technological transformation efforts contribute to strong margins and sustained long-term growth. Watsco’s commitment to innovation and regulatory compliance ensures it remains a pivotal player in the HVAC/R industry.
Recent achievements highlight Watsco’s dynamic approach and continuous evolution. For the latest updates, you can pre-register for events here and here.
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.
Watsco (WSO) reported record operating results for Q3 2022, with a 14% sales growth to $2.04 billion and a gross profit increase of 14% to $551 million. The company's board approved an 11% dividend hike to $9.80 per share, continuing its 48-year dividend payment streak. Year-to-date sales reached $5.69 billion, up 19%, alongside significant growth in HVAC product categories. Despite challenges from Hurricane Ian and rising SG&A expenses, Watsco's strong financial position, including $130 million in cash and a robust equity base of $2.3 billion, underlies its growth outlook.
Watsco, Inc. (NYSE: WSO) will conduct a conference call on October 20, 2022, at 10:00 a.m. EDT to discuss its Q3 financial results. The earnings will be released before the market opens on the same day. Interested participants can pre-register to receive a unique PIN for access to the call. Watsco is the largest HVAC/R distribution network in North America, serving 350,000 contractors annually. The company also contributes to climate change mitigation, having averted approximately 12.9 million metric tons of CO2e emissions since 2020.
Watsco Declares Quarterly Dividend
On October 3, 2022, Watsco (NYSE: WSO) announced a quarterly cash dividend of $2.20 per share, payable on October 31, 2022, for shareholders on record as of October 17, 2022. This marks the 48th consecutive year of dividend payments. Watsco aims to share increasing cash flow while maintaining a conservative balance sheet for future growth. The company plays a significant role in climate change initiatives, having averted approximately 12.9 million metric tons of CO2e emissions by promoting higher-efficiency HVAC systems from January 2020 to June 2022.
Watsco, Inc. (NYSE: WSO) announces that Executive Vice President Barry Logan will present at Morgan Stanley's 10th Annual Laguna Conference on September 14, 2022, at 3:10 p.m. PDT. The presentation will be available via live webcast on Watsco's Investor Relations website. As the leading distributor of HVAC/R products in the U.S., Canada, Mexico, and Puerto Rico, Watsco aims to combat climate change by promoting higher efficiency HVAC systems. From January 2020 to June 2022, the company averted approximately 12.9 million metric tons of CO2e emissions through its sales of upgraded HVAC systems.
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