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$WSO BoD declared a regular quarterly cash dividend of $1.25 on each outstanding share of its common and Class B common stock. The dividend is payable on July 31, 2017 to shareholders of record at the close of business on July 17, 2017. $WSO also approved a 19% increase in the annual dividend rate to $5 per share.
$WSO said its Carrier Enterprise business unit, a JV between $WSO and Carrier, has acquired 35% ownership of Russell Sigler. Consideration for the purchase was about $63.6MM paid in cash. The investment continues $WSO's strategy to partner with well-established businesses and represents an investment in the important Western U.S. region.
$WSO said that it has raised its ownership stake in Carrier Enterprise Northeast LLC, a JV with Carrier, to 80% for approx. $43MM in cash. This incremental investment builds on a transaction completed in Nov. 2016, which increased the company's controlling interest from 60% to 70%.
Heating and cooling company $WSO posted an increase in 4Q16 earnings, helped by mid-single-digit growth in most markets. Net income for the quarter increased 11.56% to $29.55MM or $0.81 per diluted share from $26.49MM or $0.75 per diluted share a year ago. Revenue rose 1.08% to $913MM from $903.82MM in 4Q15.
$WSO's BoDs declared a regular quarterly cash dividend of $1.05 on each outstanding share of its Common and Class B common stock. The dividend is payable on Oct. 31, 2016 to shareholders of record at the close of business on Oct. 17, 2016.
CEO Albert Nahmad said $WSO remains very positive for long term about its basic fundamentals - the execution of technologies, continued acceptance by consumers of higher-efficiency replacement HVAC systems, a culture driven to gain market share, improved operating efficiency and the strategic use of its balance sheet to grow its business.
Heating and cooling company $WSO reported a decline in 2Q16 earnings due to lower revenues as well as softer business conditions. Net income slid to $64.62MM or $1.82 per share from $65.42MM or $1.85 per share last year. Revenues fell to $1.21Bil from $1.22Bil.
$WSO said its BoD has approved a 24% increase in its annual dividend to $4.20 per share on each outstanding share of its Common and Class B common stock. The increase will be reflected in the company's next regular dividend payment beginning in October 2016.
$WSO said that its BoD has declared a regular quarterly cash dividend of $0.85 on each outstanding share of its common and Class B common stock. The cash dividend is payable on July 29, 2016 to shareholders of record at the close of business on July 15, 2016.
Coconut Grove, Miami-based $WSO said the company is operating at record levels and believes its momentum will continue and expect 2016 to be a record year. $WSO said HVAC equipment sales rose 7%, including 10% growth in the US, while commercial refrigeration products rose 6%. 1Q16 cash flow was the best ever for the company at $42MM.