Watsco Inc. (WSO, Financial) filed Quarterly Report for the period ended 2010-03-31.
Watsco Inc. has a market cap of $1.84 billion; its shares were traded at around $56.96 with a P/E ratio of 34.7 and P/S ratio of 1. The dividend yield of Watsco Inc. stocks is 3.7%. Watsco Inc. had an annual average earning growth of 8.1% over the past 10 years.WSO is in the portfolios of Richard Aster Jr of Meridian Fund, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Working capital increased to $561.3 million at March 31, 2010 from $531.4 million at December 31, 2009, primarily due to the aforementioned increase in inventory levels.
We maintain a bank-syndicated, unsecured revolving credit agreement that provides for borrowings of up to $300.0 million. Borrowings are used to fund seasonal working capital needs and for other general corporate purposes, including acquisitions, dividends, stock repurchases and issuances of letters of credit. The credit facility matures in August 2012. At March 31, 2010 and December 31, 2009, $47.0 million and $12.8 million were outstanding under this revolving credit agreement, respectively.
Carrier Enterprise maintains a separate secured revolving credit agreement that provides for borrowings of up to $75.0 million. Borrowings under the credit facility are used by Carrier Enterprise for general corporate purposes, including working capital and permitted acquisitions. The credit facility is secured by substantially all tangible and intangible assets of Carrier Enterprise. The credit facility matures in July 2012. At December 31, 2009, $0.01 million was outstanding under this credit facility. At March 31, 2010, no borrowings were outstanding under this credit facility.
Cash dividends of $.48 per share and $.45 per share of Common stock and Class B common stock were paid during the quarters ended March 31, 2010 and 2009, respectively. In April 2010, the Board of Directors declared a regular quarterly cash dividend of $.52 per share of Common and Class B common stock that was paid on April 30, 2010 to shareholders of record as of April 15, 2010. Future dividends and/or dividend rate increases will be at the sole discretion of the Board of Directors and will depend upon such factors as profitability, financial condition, cash requirements, and restrictions under our revolving credit agreement, future prospects and other factors deemed relevant by our Board of Directors.
Cash dividends of $.48 per share and $.45 per share of Common stock and Class B common stock were paid during the quarters ended March 31, 2010 and 2009, respectively. Future dividends will be at the sole discretion of the Board of Directors and will depend upon such factors as profitability, financial condition, cash requirements, restrictions existing under our revolving credit agreement, future prospects and other factors deemed relevant by our Board of Directors.
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Watsco Inc. has a market cap of $1.84 billion; its shares were traded at around $56.96 with a P/E ratio of 34.7 and P/S ratio of 1. The dividend yield of Watsco Inc. stocks is 3.7%. Watsco Inc. had an annual average earning growth of 8.1% over the past 10 years.WSO is in the portfolios of Richard Aster Jr of Meridian Fund, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Revenues for the first quarter of 2010 increased $218.4 million, or 75%, compared to the same period in 2009, including $225.8 million attributable to the new Carrier Enterprise locations and $3.8 million from other locations acquired and opened during the last twelve months offset by $2.7 million from closed locations. On a same-store basis, revenues declined $8.5 million, or 3%, over the same period in 2009. Revenues reflect a 5% increase in sales of HVAC equipment, an 11% decline in sales of other HVAC products and a 1% decline in sales of refrigeration products. Sales of HVAC equipment benefited from an improved sales mix of higher-efficiency air conditioning and heating systems, which sell at higher unit prices.Working capital increased to $561.3 million at March 31, 2010 from $531.4 million at December 31, 2009, primarily due to the aforementioned increase in inventory levels.
We maintain a bank-syndicated, unsecured revolving credit agreement that provides for borrowings of up to $300.0 million. Borrowings are used to fund seasonal working capital needs and for other general corporate purposes, including acquisitions, dividends, stock repurchases and issuances of letters of credit. The credit facility matures in August 2012. At March 31, 2010 and December 31, 2009, $47.0 million and $12.8 million were outstanding under this revolving credit agreement, respectively.
Carrier Enterprise maintains a separate secured revolving credit agreement that provides for borrowings of up to $75.0 million. Borrowings under the credit facility are used by Carrier Enterprise for general corporate purposes, including working capital and permitted acquisitions. The credit facility is secured by substantially all tangible and intangible assets of Carrier Enterprise. The credit facility matures in July 2012. At December 31, 2009, $0.01 million was outstanding under this credit facility. At March 31, 2010, no borrowings were outstanding under this credit facility.
Cash dividends of $.48 per share and $.45 per share of Common stock and Class B common stock were paid during the quarters ended March 31, 2010 and 2009, respectively. In April 2010, the Board of Directors declared a regular quarterly cash dividend of $.52 per share of Common and Class B common stock that was paid on April 30, 2010 to shareholders of record as of April 15, 2010. Future dividends and/or dividend rate increases will be at the sole discretion of the Board of Directors and will depend upon such factors as profitability, financial condition, cash requirements, and restrictions under our revolving credit agreement, future prospects and other factors deemed relevant by our Board of Directors.
Cash dividends of $.48 per share and $.45 per share of Common stock and Class B common stock were paid during the quarters ended March 31, 2010 and 2009, respectively. Future dividends will be at the sole discretion of the Board of Directors and will depend upon such factors as profitability, financial condition, cash requirements, restrictions existing under our revolving credit agreement, future prospects and other factors deemed relevant by our Board of Directors.
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