Watsco Gains Major Midwest Foothold, Acquires Temperature Equipment Corp inddist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inddist.com Daily Mail and Mail on Sunday newspapers.
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MIAMI, March 16, 2021 (GLOBE NEWSWIRE) Watsco, Inc. (NYSE:WSO) and Carrier Global Corp. (NYSE:CARR) announced today that they have signed an agreement to acquire Temperature Equipment Corporation (TEC).
Watsco recently reported record 2020 results with over $5 billion in sales, record profits and record cash flow. TEC marks Watsco s first entry into the U.S. Midwest.
Founded in Chicago, Illinois in 1935, TEC is one of the largest HVAC distributors in North America with sales of $291 million in 2020. TEC serves approximately 10,000 customers from 32 locations in Illinois, Indiana, Wisconsin, Kansas, Michigan, Minnesota and Missouri. Its product offering includes various brands of residential, light-commercial and applied HVAC equipment made by Carrier as well as complimentary systems, parts, supplies and accessories sourced from approximately 1,200 vendors. More information about TEC can be found at www.tecmungo.com.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Watsco’s Fourth Quarter EPS Jumps 24%, Setting New Records for Sales, Operating Profit, Net .
Watsco, Inc.February 11, 2021 GMT
Annual Records Achieved for EPS, Sales, Profitability and Cash Flow
10% Dividend Raise to $7.80 Following Record Performance
MIAMI, Feb. 11, 2021 (GLOBE NEWSWIRE) Watsco, Inc. (NYSE: WSO) reported record fourth quarter results. Watsco set new annual records for earnings per share (EPS), sales, operating income, net income and operating cash flow.
Watsco also announced that its Board of Directors approved a 10% increase in its annual dividend to $7.80 per share to be reflected in the Company’s next regular quarterly payment in April 2021.
Operator
Good day, and welcome to the Watsco Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Albert Nahmad, CEO. Please go ahead.
Albert H. Nahmad
Chief Executive Officer
Good morning, everyone. I hope everyone is healthy and safe, and welcome to Watsco s Fourth Quarter Earnings Call. This is Al Nahmad, Chairman and CEO; and with me is A.J. Nahmad, President; Paul Johnston, Executive Vice President; and Barry Logan, also Executive Vice President. As we normally do, before we start, here s our cautionary statement. The conference call has forward-looking statements as defined by SEC laws and regulators that are made pursuant to the safe harbor provisions of these various laws. Ultimate results may differ materially from the forward-looking statements. Now on to our financial report. Watsco produced another record year, with sales, net income and earnings per share re
Watsco Announces 2020 Annual Sales Have Surpassed $5 Billion
MIAMI, Dec. 30, 2020 (GLOBE NEWSWIRE) Watsco, Inc. (NYSE: WSO) reported today that its 2020 annual sales have surpassed $5 billion.
In a note to Watsco’s family of more than 5,700 employees and 1,000 supplier partners, Albert H. Nahmad, Watsco’s Chairman and Chief Executive Officer, wrote:
“This week Watsco hit an incredible milestone with annual sales passing the $5 billion mark. We started this journey in 1972 building on a $5 million manufacturing business in Hialeah, Florida. Then in 1989, we changed course and acquired our first HVAC distributor. We liked the distribution business, sold the manufacturing business and went to work.