Watsco, Incorporated : Watsco Raises Quarterly Dividend 9% to 62 Cents Per Share
January 03, 2012 at 07:35 am
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Watsco, Inc. (NYSE: WSO) announced today that its Board of Directors has
declared a regular quarterly cash dividend of 62 cents on each
outstanding share of its Common and Class B common stock, marking a 9%
increase in the quarterly dividend rate. Watsco has paid dividends for
over 38 consecutive years and 2012 will be the eleventh year of paying
increasing dividends. The cash dividend is payable on January 31, 2012
to shareholders of record at the close of business on January 13, 2012.
Watsco improves indoor living and working environments with air
conditioning and heating solutions that provide comfort regardless of
the outdoor climate. Our solutions also promote healthier indoor spaces
by removing pollutants from the indoor air that can lead to asthma,
allergies and reductions in productivity. Furthermore, since heating and
cooling accounts for approximately 56% of the energy consumed in a
typical United States home, we offer consumers the greatest opportunity
to save money on energy by replacing existing air conditioning and
heating systems with more energy efficient and environmentally friendly
solutions.
There are approximately 89 million central air conditioning and heating
systems installed in the United States that have been in service for
more than 10 years. 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 our competitors as the movement toward reducing energy
consumption and its environmental impact continues. We operate from more
than 535 locations in the United States, Mexico and Puerto Rico, with
additional market coverage on an export basis to Latin America and the
Caribbean. As the industry leader, significant growth potential remains
given that our current revenue run-rate is less than 10% of the
estimated $30 billion United States market for HVAC/R products.
Additional information about Watsco may be found at http://www.watsco.com.
Watsco, Inc. Barry S. Logan, 305-714-4102 Senior
Vice President blogan@watsco.com www.watsco.com
Watsco, Inc. is engaged in the distribution of air conditioning, heating and refrigeration equipment and related parts and supplies (HVAC/R) with locations in the United States, Canada, Mexico, and Puerto Rico, and on an export basis to Latin America and the Caribbean. The Company sells products to the commercial refrigeration market, which include condensing units, compressors, evaporators, valves, refrigerants, walk-in coolers, and ice machines for industrial and commercial applications. It also sells a variety of non-equipment products including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats, and air quality products. It distributes products manufactured by Flexible Technologies, Inc. (Flexible Technologies), Resideo Technologies, Inc. (Resideo), Copeland Corporation, LLC, The Chemours Company (Chemours), Mueller Industries, Inc. (Mueller), and Welbilt, Inc. (Welbilt), among others. The Company operates in approximately 692 locations.