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Watsco, Inc. (NYSE:WSO), a Florida-based company in the wholesale hardware and plumbing sector with a market capitalization of $16.9 billion and a ’GOOD’ financial health rating according to InvestingPro, held its annual shareholder meeting on June 2, 2025. The meeting saw the election of directors and the approval of key proposals, as detailed in a recent SEC filing.
The company’s shareholders elected Gary L. Tapella as a director for common stock, and J. Michael Custer and Valerie F. Schimel as directors for Class B common stock. Tapella received 28,752,763 votes in favor, with 1,012,595 votes against, and 56,069 abstentions. Custer and Schimel received 52,415,165 and 52,424,015 votes in favor, respectively, with minimal opposition. The company, currently trading near its 52-week low of $430.20, has maintained dividend payments for 42 consecutive years, with a current dividend yield of 2.69%.
Shareholders also approved a non-binding advisory resolution on executive compensation. The resolution garnered 77,563,325 votes in favor and 4,734,051 against, with 88,191 abstentions.
Additionally, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year 2025 was ratified. This proposal received 85,042,552 votes in favor, with 41,086 against and 24,568 abstentions.
These results were disclosed in a press release statement filed with the SEC, reflecting the company’s commitment to transparency and shareholder engagement. For deeper insights into Watsco’s financial health and valuation metrics, including 10+ additional ProTips, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Watsco Inc . reported its financial results for the first quarter of 2025, revealing an earnings per share (EPS) of $1.93, which did not meet the forecasted $2.26. The company’s revenue also fell short of expectations, coming in at $1.53 billion compared to the anticipated $1.66 billion. Despite these setbacks, Watsco has been actively expanding its operations, completing the acquisition of Southern Ice Equipment Distributors, its third acquisition in 2025. Earlier in the year, Watsco also acquired Lashley & Associates and Hawkins (NASDAQ:HWKN) HVAC Distributors, adding 10 new locations and approximately $47 million in annualized sales. The company is navigating a significant transition in the HVAC industry, moving towards A2L refrigerant systems, which is expected to influence future sales positively. Notably, Watsco increased its annual dividend by 11% to $12 per share. The company continues to focus on strengthening its distribution network and enhancing its product offerings in high-growth markets. Watsco remains committed to climate change mitigation, having helped avert approximately 23.7 million metric tons of CO2e emissions through the sale of high-efficiency replacement systems since 2020.
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