Watsco Inc. Boosts Quarterly Dividend by 60%; Now Offers a 1.7% Yield (WSO)

Watsco Inc (WSO), a distributor of air conditioning, heating, and refrigeration equipment, announced early on Wednesday that it is raising its quarterly dividend payout by 60%.

The company will now pay a quarterly dividend of 40 cents per share, up from the previous payout of 25 cents per share. This dividend will be paid on October 31 to shareholders of record on October 15, with an ex-dividend date of October 10.

Albert H. Nahmad, Watsco’s Chairman & Chief Executive Officer stated, “Our philosophy of sharing cash flow through dividends continues. As we have stated many times in the past, our goal over the long-term is to pay increasing dividends while maintaining a conservative balance sheet with capacity to make investments in our business and build our network. We will consider future increases in light of such investment opportunities, cash flow, general economic conditions and our overall financial condition."

Watsco shares were inactive during pre-market trading on Wednesday. The stock is up 25.49% year-to-date.