Watsco, Inc. (WSO) Tops Q1 EPS by 1c; Raises Dividend 50%
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Watsco, Inc. (NYSE: WSO) reported Q1 EPS of $0.48, $0.01 better than the analyst estimate of $0.47. Revenue for the quarter came in at $763 million versus the consensus estimate of $761.85 million.
Watsco also announced that its Board of Directors has approved a 50% increase in the Company’s annual dividend to $2.40 per share.
Albert H. Nahmad, Watsco’s President & Chief Executive Officer stated: “Watsco delivered another solid quarter of performance driven by sales growth, higher selling margins and improved operating efficiencies. We experienced healthy demand for residential products in the United States, which grew 13%, from strong unit growth and a better sales mix of high efficiency systems. We are off to a strong start and believe 2014 will be a record year for our company.”
Mr. Nahmad added, "We are also pleased to increase Watsco’s dividend to an annual rate of $2.40 per share beginning in July, well ahead of schedule. As evidenced by our long-term track record, we have great confidence in our business to produce both meaningful earnings growth and cash flow that exceeds net income. It is always our intention to share cash flow through increasing dividends. Having said that, we also want to retain the ability to invest in our network and additional opportunities that may come our way.”
For earnings history and earnings-related data on Watsco, Inc. (WSO) click here.
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