Watsco reports record 2023 sales of $7.28B; raises dividend 10% to $10.80/share

WATSCO INC

2023-FY EPS reported $13.67 revenue$7,283,767,000

Full-year 2023 revenue $7.28B (flat YoY); EPS $13.67 vs $15.41 ($14.20 adjusted) in 2022.
Q4 sales record $1.60B (+1% YoY); EPS $2.06 vs $3.55 ($2.35 adjusted) in Q4 2022.
Q4 operating cash flow record $299M (+40% YoY); full-year $562M.
Annual dividend increased 10% to $10.80/share, effective April 2024; 50th consecutive year.
Unitary HVAC unit volume declined 8% in 2023 vs industry decline of approximately 15%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WATSCO INC reported the quarter and year ended December 31, 2023 results: revenue $1.60 billion, EPS $2.06.

Period: the quarter and year ended December 31, 2023
Revenue: $1.60 billion
EPS: $2.06
Result: reported results

Exact text from the filing

fortified the quality of our balance sheet and once again provided our shareholders a meaningful dividend increase.” Fourth Quarter Results • 1% sales growth to a record $1.60 billion • Gross profit of $414 million (gross margin of 25.8%) • SG&A expenses increased 4% (SG&A was flat on a same-store basis) • Operating income of $108 million versus $137 million

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Source: SEC EDGAR

accession 0001193125-24-032868

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