Watsco Declares $2.20 Quarterly Dividend

Rhea-AI Summary

Watsco has declared a quarterly cash dividend of $2.20 per share, marking its 48th consecutive year of paying dividends. The dividend will be paid on July 29, 2022, to shareholders of record by the close of business on July 15, 2022. The company emphasizes its commitment to providing increasing cash flow to shareholders while maintaining a conservative balance sheet. Watsco plays a crucial role in the HVAC/R distribution sector and aims to reduce CO2e emissions through higher-efficiency HVAC system sales, which could save homeowners costs and enhance sustainability.

Positive

• Dividend of $2.20 per share demonstrates commitment to shareholders.
• 48 consecutive years of dividend payments indicate strong financial stability.
• Potential reduction of 11.4 million metric tons of CO2e emissions through higher-efficiency HVAC systems sold.

Negative

• None.

48th Consecutive Year of Paying Dividends

MIAMI, July 01, 2022 (GLOBE NEWSWIRE) -- Watsco, Inc.’s (NYSE: WSO) Board of Directors has declared a regular quarterly cash dividend of $2.20 on each outstanding share of its Common and Class B common stock payable on July 29, 2022 to shareholders of record at the close of business on July 15, 2022.

Watsco has paid dividends to shareholders for 48 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

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 over 350,000 contractors and technicians visit or call one of its 671 locations each year to get information, obtain technical support and buy products.

Watsco’s has the opportunity to be a significant and important contributor toward climate change as its business plays an important role in the drive to lower CO2e emissions. According to the Department of Energy, heating and air conditioning accounts for roughly half of U.S. household energy consumption. As such, replacing HVAC systems at higher efficiency levels is one of the most meaningful steps homeowners can take to reduce electricity consumption and carbon footprint over time. 

The overwhelming majority of new HVAC systems sold by Watsco replace systems that likely operate well below current minimum efficiency standards in the U.S and may use more harmful refrigerants that have been subsequently phased-out. As consumers replace HVAC systems with new, higher-efficiency systems, homeowners will consume less energy, save costs and reduce the carbon footprint over time.

Based on estimates validated by independent sources, Watsco averted an estimated 11.4 million metric tons of CO2e emissions from January 1, 2020 to March 31, 2022 through the sale of replacement HVAC systems at higher-efficiency standards. More information, including sources and assumptions used to support the Company’s estimates, can be found at 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 2022?

Watsco declared a quarterly cash dividend of $2.20 per share for July 2022.

When is Watsco's dividend payment date?

The dividend payment date is set for July 29, 2022.

How long has Watsco been paying dividends?

Watsco has paid dividends for 48 consecutive years.

What is Watsco's approach to dividends?

Watsco aims to share increasing amounts of cash flow while maintaining a conservative balance sheet.

What environmental impact does Watsco claim to have?

Watsco claims to have averted an estimated 11.4 million metric tons of CO2e emissions through sales of higher-efficiency HVAC systems.