Watsco Declares $1.775 Quarterly Dividend

Rhea-AI Summary

Watsco, Inc. (NYSE: WSO) has declared a quarterly cash dividend of $1.775 per share, payable on July 31, 2020, to shareholders of record by July 16, 2020. The company has maintained a steady dividend payment for 46 consecutive years, reflecting its commitment to returning cash flow to shareholders while ensuring a conservative financial approach. Watsco operates as the largest distributor of HVAC/R products across North America and has opportunities to enhance energy efficiency in homes, which is significant as heating and cooling represent a large portion of energy consumption.

Positive

• Declared a quarterly cash dividend of $1.775 per share.
• Maintained dividend payments for 46 consecutive years.
• Company committed to increasing cash flow shared with shareholders.

Negative

• None.

MIAMI, July 01, 2020 (GLOBE NEWSWIRE) -- Watsco, Inc.’s (NYSE: WSO) Board of Directors has declared a regular quarterly cash dividend of $1.775 on each outstanding share of its Common and Class B common stock payable on July 31, 2020 to shareholders of record at the close of business on July 16, 2020.

Watsco has paid dividends for 46 consecutive years. The Company’s philosophy is to share increasing amounts of cash flow with shareholders through higher dividends while maintaining a conservative financial position. Future dividends will be considered in light of investment opportunities, cash flow, general economic conditions and the Company’s 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 more than 300,000 contractors and technicians visit or call one of its 603 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 document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. 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. 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. Forward-looking statements speak only as of the date the statements were 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, except as required by applicable law.

Barry S. Logan 
Executive Vice President
(305) 714-4102
e-mail: blogan@watsco.com  

FAQ

What is the dividend amount declared by Watsco for July 2020?

Watsco declared a quarterly cash dividend of $1.775 per share.

When is Watsco's dividend payment date?

The dividend payment date is July 31, 2020.

When is the record date for Watsco's dividend?

The record date for Watsco's dividend is July 16, 2020.

How long has Watsco been paying dividends?

Watsco has paid dividends for 46 consecutive years.

What factors influence Watsco's future dividends?

Future dividends will be considered based on investment opportunities, cash flow, general economic conditions, and the company's financial condition.