The following is a summary of the Watsco, Inc. (WSO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Watsco reported strong results in Q1 2024, achieved through a record cash flow and an equity raise using the ATM program.

• The annual dividends increased by 10% to $10.80 per share in April 2024.

• Sales increased due to a richer sales mix and the addition of new locations with gross margins hitting a near-term target of 27%.

Business Progress:

• Watsco expanded into new markets through the acquisition of three businesses with an annual aggregate sales of approximately $200 million.

• The company experienced a decline in residential units in line with industry trends but saw a rise of about 3% in the price and mix in the unitary product for the quarter.

• Watsco completed an ATM drawdown in March that brought in a significant long-term investor and expanded its capital, highlighting the company's strong growth potential in the $64 billion North American market.

More details: Watsco IR

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