Watsco Reports Record First Quarter Sales, Record Cash Flow and Improving Business Trends Ahead of Summer Selling Season [Yahoo! Finance]
Watsco, Inc. Class B (WSO.B)
Company Research
Source: Yahoo! Finance
MIAMI, April 24, 2024 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced its operating results for the first quarter ended March 31, 2024 and provided commentary on business trends, growth opportunities, technology innovation and its financial position. With more than $7 billion in annual sales and nearly 700 locations, Watsco is the largest distributor in the highly fragmented $64 billion North American HVAC/R marketplace. Since entering distribution in 1989, the Company has grown sales and operating income at compounded annual growth rates (CAGRs) of 14% and 18%, respectively, and dividends have grown at a 21% CAGR. These long-term growth rates are indicative of strong and consistent performance across most macroeconomic and industry cycles. Watsco's balance sheet strengthened during the quarter. At March 31, 2024, Watsco had no debt and held cash and investments of $479 million, providing significant capacity to invest in most any growth opportunity at scale. Also, as prev
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