MIAMI, Fla.--(BUSINESS WIRE)--Watsco, Inc. (NYSE: WSO) announced today that its Board of Directors has declared a regular quarterly cash dividend of 62 cents on each outstanding share of its Common and Class B common stock, marking a 9% increase in the quarterly dividend rate. Watsco has paid dividends for over 38 consecutive years and 2012 will be the eleventh year of paying increasing dividends. The cash dividend is payable on January 31, 2012 to shareholders of record at the close of business on January 13, 2012.
Watsco improves indoor living and working environments with air conditioning and heating solutions that provide comfort regardless of the outdoor climate. Our solutions also promote healthier indoor spaces by removing pollutants from the indoor air that can lead to asthma, allergies and reductions in productivity. Furthermore, since heating and cooling accounts for approximately 56% of the energy consumed in a typical United States home, we offer consumers the greatest opportunity to save money on energy by replacing existing air conditioning and heating systems with more energy efficient and environmentally friendly solutions.
There are approximately 89 million central air conditioning and heating systems installed in the United States that have been in service for more than 10 years. Older systems often operate below today’s government mandated energy efficiency and environmental standards. Watsco has an opportunity to accelerate the replacement of these systems at a scale greater than our competitors as the movement toward reducing energy consumption and its environmental impact continues. We operate from more than 535 locations in the United States, Mexico and Puerto Rico, with additional market coverage on an export basis to Latin America and the Caribbean. As the industry leader, significant growth potential remains given that our current revenue run-rate is less than 10% of the estimated $30 billion United States market for HVAC/R products. Additional information about Watsco may be found at http://www.watsco.com.