Watsco Inc. (WSO) will raise its quarterly dividend by 12.8 percent to $2.20 per share in 2022. This follows a dividend hike of 9.9 percent to $1.95 per share in 2021 by the HVAC products distibutor. This will also mark the 9th consecutive year of dividend increases for the company.

The next WSO dividend is payable on April 29, 2022 to shareholders of record at the close of business on April 14, 2022. A new annual dividend rate of $8.80 per share yields 2.9% at a stock price of $304. The next WSO ex-dividend date is April 13, 2022. Watsco currently pays an estimated $341 million in dividends to shareholders annually.

Watsco has paid dividends to shareholders for 48 consecutive years. The Company’s philosophy is to share increasing amounts of cash flow through higher dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and Watsco’s overall financial condition.

Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies. In addition to the replacement market, Watsco sells to the new construction market.  The company was incorporated in Florida in 1956, and operates in the U.S. States, Canada, Mexico, and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean. Dividends have been paid every year since 1975.