MIAMI (AP) — Watsco Inc. said Tuesday its fourth-quarter net income jumped 48 percent on higher sales of its air conditioning, heating and refrigeration equipment.
Net income attributable to Watsco was $10.4 million, or 31 cents per share, compared with $7.1 million, or 21 cents per share, in the fourth quarter of 2009.
Revenue rose 17 percent to $657.2 million
For the full year, the company earned $80.8 million, or $2.49 per share, compared with $43.3 million, or $1.40 per share, in 2009.
Revenue jumped to $2.84 billion from $2 billion the previous year.
The company said it will continue to focus on higher-efficiency and environmentally-sensitive heating, ventilating and air conditioning products as growth in that area remains strong.
Commercial sales have also been improving in the last several months and are expected to continue to grow as businesses spend more on improvements and upgrades.
The company also said Tuesday its board increased its regular quarterly cash dividend by 10 percent to 57 cents per share from 52 cents.