Watsco Q4 Profit Down, Lifts Dividend; Stock Dips In Pre-market

(RTTNews) - Watsco, Inc. (WSO), a distribution network for heating, air conditioning and refrigeration products, on Tuesday reported that its fourth-quarter net income attributable to shareholders fell to $75.84 million from last year's $128.28 million.

Earnings per share declined to $2.06 from $3.55 last year. The prior year's adjusted earnings per share were $2.35.

Revenues grew 1 percent to $1.60 billion from last year's $1.58 billion.

Analysts on average expected the company to report earnings of $2.41 per share on revenues of $1.65 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, Watsco announced that its Board of Directors approved a 10 percent annual dividend increase to $10.80 per share, effective with the next regular quarterly payment to be declared in April 2024.

In pre-market activity on the NYSE, Watsco shares were losing around 7.4 percent to trade at $380.

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