2023-04-20 11:47:50 ET
Shares of Watsco (NYSE: WSO) , a company specializing in heating, ventilation, and air conditioning (HVAC), rose quickly at the start of trading on April 20, gaining as much as 12% early in the day. The catalyst for the price move was the company's first-quarter-2023 earnings release, which hit the market before the open. The gain cooled as the day progressed, with the advance sitting at around 5% by 11 a.m. ET. But that really doesn't change the story here because Watsco did have a very respectable quarter.
First-quarter-2023 sales came in at $1.55 billion, a 2% increase over the same quarter in 2022. That was roughly in line with analyst expectations, but it comes against a period described by management as having "the highest single-quarter growth rates in our history." It is no small feat to report higher sales, even if only modestly, against a record-breaking first quarter in 2022.
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Why Watsco Stock Rose as Much as 12% at the Open Today