Watsco, Inc. (NYSE:WSO) Morgan Stanley’s 13th Annual Laguna Conference September 11, 2025 7:50 PM EDT
Company Participants
Barry S. Logan – Executive VP of Planning & Strategy, Secretary and Director
Conference Call Participants
Christopher Snyder – Morgan Stanley, Research Division
Presentation
Christopher Snyder
Equity Analyst
Well, thank you, everybody. I’m Chris Snyder, U.S. multi-industry analyst. Super excited to have Barry Logan up here with me from Watsco. Thank you for coming, Barry.
Barry S. Logan
Executive VP of Planning & Strategy, Secretary and Director
Thank you.
Question-and-Answer Session
Christopher Snyder
Morgan Stanley, Research Division
Maybe starting off high level and kind of open ended. We’ve had a lot of resi HVAC updates this week, both from the OEMs, some industry data. There’s a lot of like cross currents going on in the market. Can you just kind of talk about what you see out there?
Barry S. Logan
Executive VP of Planning & Strategy, Secretary and Director
Sure. Well, first of all, I started my day at 7:00 a.m. So 9 hours and 50 minutes later, I’m here. So I’ve talked about all day. I’m either well-rehearsed or I’m tired of talking about it.
Christopher Snyder
Morgan Stanley, Research Division
Probably both.
Barry S. Logan
Executive VP of Planning & Strategy, Secretary and Director
So just to do a little bit of therapy about it. So yes, there can always be an every year be a disconnect where a product change has gone on to the extent that it has, right? So played back a year ago. A year ago, we knew 410A was leaving the building. We knew that OEMs had a deadline in which we could order the products. We knew customers wanted the product. And as distributors, we decide to build inventory to take care of our customers. And our customers do not like change very much. They’ll take
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