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Watsco Q3 Profit Rises, But Misses Estimates; Boosts Dividend 11%
(RTTNews) - Watsco, Inc. (WSO), a distribution network for heating, air conditioning and refrigeration products, on Thursday reported an increase in third-quarter earnings allocated to shareholders to a record of $143.27 million or $4.03 per share from $128.30 million or $3.62 per share in the prior-year quarter.
Revenues for the quarter grew 14 percent to a record of $2.04 billion from $1.78 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $4.35 per share on revenues of $2.04 billion for the quarter. Analysts' estimates typically exclude special items.
Watsco also announced that its Board of Directors approved an 11 percent increase in its annual dividend to $9.80 per share on each outstanding share of its Common and Class B common stock to be reflected in the Company's quarterly dividend payment in January 2023.
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