GlobeNewswire Inc | Feb 11, 2021 07:30AM EST

February 11, 2021

MIAMI, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Watsco, Inc.(NYSE:WSO) announced today that its Board of Directors has approved a 10% increase in its annual dividend to$7.80per share on each outstanding share of its Common and Class B common stock. The increase will be reflected in the Companys next regular dividend payment beginning inApril 2021.

Albert H. Nahmad, Watscos Chairman & CEO stated: We are pleased to increase dividends to our shareholders, which reflects our confidence in the business and is supported by our strong cash flow and balance sheet.

Watscohas paid dividends to shareholders for 47 consecutive years. The Companys 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 Watscos overall financial condition.

About Watsco

Watscois the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations inthe United States,Canada,MexicoandPuerto Rico, and on an export basis toLatin Americaand theCaribbean. Watscoestimates that over 300,000 contractors and technicians visit or call one of its 600 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. Older systems often operate below todays government mandated energy efficiency and environmental standards.Watscohas an opportunity to accelerate the replacement of these systems at a scale greater than its competitors as the movement toward reducing energy consumption and its environmental impact continues. This is especially important since heating and cooling accounts for approximately half of the energy consumed in a typical U.S. home. Additional information aboutWatscomay be found at http://www.watsco.com.

This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as will, would, anticipate, expect, believe, designed, plan, or intend, the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watscos industry, seasonal nature of sales of Watscos products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.

Barry S. LoganExecutive Vice President(305) 714-4102e-mail: blogan@watsco.com