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Watsco Reports Record Results in 2018, Marking its
30-Year Anniversary in HVAC/R Distribution
Culture of Innovation Continues to Transform Watscos Customer-Experience
MIAMI, FLORIDA (GLOBENEWSWIRE), February 14, 2019 Watsco, Inc. (NYSE: WSO) reported record results for the year and quarter ended December 31, 2018. Annual records were set for sales, operating income, net income and earnings per share. EPS of $6.49 for the year was consistent with the Companys outlook of $6.40 to $6.50 provided in its prior earnings release. In addition, in January 2019, Watsco raised its annual dividend 10% to $6.40 per share.
2018 marks Watscos 30-year anniversary in HVAC/R distribution. The Company has produced the following results over this period of time (unaudited):
|$64 million||$4.5 billion||16%|
|$2 million||$372 million||19%|
|$.5 million||$209 million||23%|
Compounded annual growth rates (CAGRs) are measured for a 30-year period ended December 31, 2018. Total-shareholder- return includes market appreciation of Watscos stock and reinvestment of dividends.
Albert H. Nahmad, Watscos Chairman and CEO stated: We are proud of our track record and industry leadership position, but there is much more for us to achieve in the $35 billion North American HVAC/R distribution market. We continue to challenge Watscos leaders to grow, innovate and build on this success, particularly in light of the cultural and technology evolution underway.
The Companys record 2018 results reflect investments in several areas, all from a long-term perspective:
Continuing technology investments to launch, iterate and drive adoption of our proprietary, groundbreaking innovations designed to revolutionize Watscos customer-experience. Since 2012, Watscos technology team has grown from 60 employees operating ERP and communication systems, to over 200 innovation-focused employees bringing new ways of doing business to life.
Organizational investments, including the addition of over 250 customer-facing personnel and functional leaders, to improve service and help ensure our long-term success. We also recently launched a productivity initiative enabled by our data analytics platform to identify cost savings opportunities and enhance long-term profitability.
Cultural investments, including a 33% increase in the annual 401k matching contribution, which is made in Watsco common stock. The Companys 30-year compounded total shareholder return of 18% has benefitted shareholders at-large but has also proven meaningful to Watscos 401k participants who have spent their careers with the Company.
Further investment is planned in 2019 for an enriched wellness program, including greater incentives for employees to learn more about their health, identify risks and promote preventive care.
The Company also intends to continue to build on its ownership culture through a variety of unique, equity-based programs.
The following information was filed by Watsco Inc (WSO) on Thursday, February 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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