Watsco Q4 Earnings Spikes

(RTTNews) - Watsco, Inc. (WSO) Thursday announced a surge in fourth-quarter earnings from the prior year.

The Miami-based industrial distribution company reported quarterly earnings of $137.67 million, up from $78.89 million last year.

On a per-share basis, earnings increased to $3.55 from $2.02 a year ago. On an adjusted basis, earnings were $2.35 per share.

On average, 13 analysts polled by Thomson Reuters expected the company to earn $2.12 per share. Analysts estimates usually exclude special items.

Revenue for the quarter was $1.581 billion, up from $1.511 billion in the same quarter last year. Wall Street was looking for revenue of $1.61 billion.

The company said its Board has authorized an 11 percent increase in annual dividend rate effective in January 2023 to $9.80 per share.