01-06-2015, 03:14 PM
Watsco, Inc. (WSO) (WSO) announced today that its Board of Directors has approved a 17% increase in its annual dividend to $2.80 per share. A regular quarterly dividend of 70 cents per share has been declared for each outstanding share of its Common and Class B common stock payable on January 30, 2015 to shareholders of record at the close of business on January 21, 2015. Watsco has paid quarterly dividends for 40 consecutive years.
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.”
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.”