MIAMI — Watsco Inc. has announced its board of directors has approved a 19 percent increase in its annual dividend to $5.00 per share on each outstanding share of its Common and Class B common stock. The increase will be reflected in the company’s next regular dividend payment beginning in July 2017.

Albert H. Nahmad, Watsco chairman & CEO, stated: “We are pleased to be able to increase dividends to our shareholders. This latest increase reflects our confidence in the business and is supported by our continued positive cash flow and our strong balance sheet.”

Watsco has paid dividends to shareholders for more than 40 consecutive years. The company’s philosophy is to share increasing amounts of cash flow through higher dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and Watsco’s overall financial condition.