Watsco's Board of Directors has declared a regular quarterly cash dividend of $2.45 on each outstanding share of its Common and Class B common stock payable on October 31 to shareholders of record at the close of business on October 17.
Watsco has paid dividends for 49 consecutive years and has consistently shared increasing levels of cash flow through dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network.
Watsco is the largest participant in the highly fragmented $50+ billion North American HVAC/R distribution market. Since entering distribution in 1989, revenues and operating income have grown at compounded annual growth rates (CAGRs) of 15% and 19%, respectively, reflecting strong and consistent performance across various macroeconomic and industry cycles.
Over this period, Watsco’s dividends have grown at a 21% CAGR along with a healthy balance sheet and strong cash flow. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and Watsco’s overall financial condition.