Every material Form 8-K Watsco filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Watsco's board-approved amendment to Chairman and CEO Albert H. Nahmad's employment agreement raises the maximum potential performance-based stock award for 2024 from $10.0 million to $20.0 million. The award is payable only as restricted stock with cliff vesting on October 15, 2032, and the filing says no other terms changed.
Maximum 2024 performance-based stock award for CEO Albert H. Nahmad increased from $10.0 million to $20.0 million
Award is payable solely as restricted stock with cliff vesting on October 15, 2032
Amendment entered into November 14, 2024; the filing states no other changes to the employment agreement
Watsco reported third-quarter 2024 sales up 2% to a record $2.16 billion, while operating income fell 2% to $250 million and diluted EPS declined 3% to $4.22. Nine-month EPS was $10.92 versus $11.60 a year earlier, though operating cash flow rose 50% to a record $394 million.
Q3 sales $2.16 billion, up 2% (flat on a same-store basis); net income attributable to Watsco $171 million, flat year over year
Q3 diluted EPS $4.22 versus $4.35 a year earlier, down 3%
Nine-month EPS $10.92 versus $11.60; operating cash flow up 50% to a record $394 million
Annual dividend rate raised 10% to $10.80 per share, effective April 2024
Watsco reported second-quarter 2024 revenue of $2.1 billion, up 7%, and diluted earnings per share of $4.49, up from $4.42 a year earlier. For the first half, EPS fell to $6.69 from $7.25, while revenue rose 4% to $3.7 billion. The company also raised its annual dividend rate 10% to $10.80 per share and reported $425 million in cash and short-term investments with no borrowings under its $600 million credit facility.
Q2 revenue rose 7% to $2.1 billion (4% on a same-store basis); gross margin was 27.1%.
Q2 diluted EPS was $4.49 versus $4.42; first-half EPS was $6.69 versus $7.25.
Annual dividend rate increased 10% to $10.80 per share, effective April 2024.
As of June 30, 2024, cash and short-term investments totaled $425 million, with no borrowings under the $600 million credit facility.
Watsco reported first-quarter 2024 results for the period ended March 31, 2024. Revenue rose 1% to a record $1.56 billion, but same-store revenue fell 2%, operating income dropped to $127 million from $165 million, and diluted earnings per share were $2.17 versus $2.83 a year earlier. The company also reported no debt, $479 million in cash and investments, and a 10% dividend increase to $10.80 per share annually.
Revenue rose 1% to $1.56 billion; same-store revenue declined 2%.
Operating income was $127 million (8.1% margin) versus $165 million (10.6% margin) a year earlier.
Diluted EPS was $2.17 versus $2.83; operating cash flow was a record $104 million for a first quarter.
Annual dividend rate increased 10% to $10.80 per share, effective April 2024.
Watsco director Steven (Slava) Rubin resigned from the board effective March 10, 2024, and will join the company's Advisory Board effective March 11, 2024. The board appointed Barry S. Logan, the company's Executive Vice President & Secretary, to fill the vacancy, and the filing says the resignation was not due to any disagreement with the company.
Steven (Slava) Rubin resigned from the Board effective March 10, 2024; notice delivered February 15, 2024.
Rubin joins the Company's Advisory Board effective March 11, 2024.
Barry S. Logan, who joined Watsco in 1992, was appointed a director on February 19, 2024.
Logan entered into no new compensation arrangement in connection with his board appointment.
Watsco reported fourth-quarter and full-year 2023 results. Sales were at record levels, but diluted earnings per share declined from 2022, which included a one-time tax benefit. The company also raised its annual dividend 10% to $10.80 per share, effective with the April 2024 payment.
Q4 sales rose 1% to a record $1.60 billion; Q4 diluted EPS was $2.06 versus $3.55 a year earlier, which included a $1.20 net benefit from 2022 stock vesting
Full-year sales were $7.28 billion versus $7.27 billion; full-year diluted EPS was $13.67 versus $15.41 ($14.20 adjusted for 2022)
Annual dividend rate increased 10% to $10.80 per share, reflected in the April 2024 quarterly payment
Full-year operating cash flow was $562 million versus $572 million in 2022
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Watsco filing is on SEC EDGAR ↗. 8-K briefs of other companies →