MIAMI, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE:WSO) announced that its Board of Directors approved a 10% increase in its annual dividend to $10.80 per share on each outstanding share of its Common and Class B common stock. The increase will be reflected in the Company's next quarterly dividend payment in April 2024.
Albert H. Nahmad, Watsco's Chairman & CEO stated: "We are pleased to increase dividends to shareholders, reflecting the strength of our 2023 performance and our confidence in the prospects of our business, which is fundamentally supported by our strong balance sheet."
Watsco has paid dividends to shareholders for 50 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 operates 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 692 locations each year ...