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Watsco issued a press release on April 23, 2025, announcing its operating results for the first quarter of 2025. Among other items, Watsco reported revenue of $1.53 billion, representing a 2% year-over-year decline and missing consensus estimates. Watsco said that its “results reflect the early stages of a large-scale product transition from regulatory changes that went into effect January 1, 2025, which affects approximately 55% of Watsco’s sales and will ultimately convert nearly $1 billion of inventory over the course of the year.”
Following this news, Watsco’s stock price fell over 11% on the same day.