Watsco reports record Q1 sales of $1.56B, record cash flow, and 10% dividend increase

WATSCO INC

2024-Q1 EPS reported $2.17 revenue$1,564,991,000

Revenues increased 1% to a record $1.56 billion, with HVAC equipment down 1% and commercial refrigeration up 2%.
Record first-quarter operating cash flow of $104 million; cash and investments totaled $479 million with no debt.
Board approved a 10% increase in annual dividend to $10.80 per share, effective April 2024.
Earnings per share were $2.17 versus $2.83 in the prior-year quarter; equity raised $282 million via ATM offering.
Authenticated e-commerce users grew 6% to over 57,000; OnCallAir GMV rose 22% to $269 million.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

WATSCO INC reported the quarter ended March 31, 2024 results: revenue $1.56 billion, EPS $2.17.

Period: the quarter ended March 31, 2024
Revenue: $1.56 billion
EPS: $2.17
Result: reported results

Exact text from the filing

record cash flow during a period that typically requires working capital investment ahead of the selling season.” First Quarter Results • Revenues increased 1% to a record $1.56 billion (a 2% decline on a same-store basis) • Gross profit of $431 million (27.5% gross margin) • SG&A expenses increased 8%, including 18 new locations (a 4% increase on a same-store

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Source: SEC EDGAR

accession 0001193125-24-108455

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