Watsco Q1 Profit Rises; Lifts Annual Dividend Rate 50% - Quick Facts

(RTTNews) - Watsco Inc. (WSO) reported that its first-quarter net income attributable to company increased to $16.75 million from $13.38 million, previous year. Earnings per share for common and Class B stock was $0.48, compared to $0.39.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.47 for the quarter. Analysts' estimates typically exclude special items.

Revenues rose to $762.57 million from $713.63 million. Analysts expected revenue of $761.85 million for the quarter.

Albert Nahmad, Watsco's CEO 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."

Watsco also announced that its Board has approved a 50% increase in the annual dividend to $2.40 per share.