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    Resideo Announces First Quarter 2024 Financial Results

    5/2/24 4:05:00 PM ET
    $REZI
    Wholesale Distributors
    Industrials
    Get the next $REZI alert in real time by email

    Products and Solutions first quarter gross margin of 39.5%, fourth consecutive quarter of year-over-year improvement

    First quarter net income of $43 million; Adjusted EBITDA of $137 million at the higher end of outlook range

    Continued progress on business transformation with new product introductions and agreement to acquire Snap One, a leading provider of smart-living products and distribution

    SCOTTSDALE, Ariz., May 2, 2024 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer and distributor of technology-driven products and solutions for homes and businesses, today announced financial results for the first quarter ended March 30, 2024.

    (PRNewsfoto/Resideo Technologies, Inc.)

    First Quarter 2024 Financial Highlights

    • Net revenue of $1.49 billion, down 4% compared to $1.55 billion in the first quarter 2023
    • Net income of $43 million compared to $57 million in the first quarter 2023
    • Fully diluted EPS of $0.29 and $0.38 and Adjusted EPS(1) of $0.47 and $0.51 for the first quarter 2024 and first quarter 2023, respectively.
    • Adjusted EBITDA(1) of $137 million compared to $138 million in the first quarter 2023

    Management Remarks

    "Performance within Products and Solutions drove first quarter Adjusted EBITDA to the higher end of our outlook range," commented Jay Geldmacher, Resideo's President and CEO. "We continue to deliver gross margin and profitability improvements within Products and Solutions despite market demand that remains constrained by higher interest rates and slower housing turnover. ADI's business trends improved as the quarter progressed and momentum continues on key strategic initiatives around growing exclusive brands sales and enhancing digital capabilities."

    "We continued to execute on our transformation work through organic and inorganic actions. We took further steps in optimizing our manufacturing footprint and we have improved structural costs through restructuring and focused expense controls. We expect our planned acquisition of Snap One will bring immediate value to Resideo by adding highly complementary business capabilities that expand opportunities in attractive growth categories and accelerate ADI's expansion of higher margin proprietary products."

    1 This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measure, specifically Adjusted EBITDA and Adjusted EPS, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis.  See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

    Products and Solutions First Quarter 2024 Highlights

    • Net revenue of $620 million, decreased 6% compared to the first quarter 2023
    • Gross margin of 39.5%, up 180 basis points compared to the first quarter 2023
    • Income from operations of $112 million compared to $105 million in the first quarter 2023
    • Adjusted EBITDA of $140 million, 22.6% of revenue, compared to $128 million, 19.5% of revenue, in the first quarter 2023

    Products and Solutions delivered net revenue of $620 million in the first quarter 2024, down 6% compared to first quarter 2023 and down less than 1% excluding the impact of the Genesis divestiture. Volumes declined in Air and Security product categories, impacted by lower activity in EMEA and continued low levels of housing turnover in the U.S. These headwinds were largely offset by strong performance at First Alert, particularly with home builder customers, and continued price realization.

    Gross margin for the quarter was 39.5%, compared to 37.7% in the first quarter 2023, reflecting improving material costs, reduced freight, and lower direct labor spending. Selling, general and administrative expenses were down $13 million and research and development expenses remained consistent compared to 2023. Included in the first quarter 2024 were $5 million of restructuring costs, compared to restructuring costs of $2 million in first quarter of 2023. Operating profit for the quarter of $112 million or 18.1% of revenue, increased from $105 million or 16.0% of revenue in first quarter 2023. Adjusted EBITDA grew 9.4% year-over-year in the first quarter 2024 to $140 million, with Adjusted EBITDA margin up 310 basis points to 22.6%. Continued progress on structural gross margin improvements through labor reductions and material cost controls and lower selling, general and administrative expenses drove the higher profitability despite volumes remaining a headwind.

    ADI Global Distribution First Quarter 2024

    • Net revenue of $866 million, decreased 3% compared to the first quarter 2023
    • Gross margin of 18.0%, down 120 basis points compared to the first quarter 2023
    • Income from operations of $49 million compared to $64 million in the first quarter 2023
    • Adjusted EBITDA of $58 million, 6.7% of revenue, compared to $70 million, 7.9% of revenue, in the first quarter 2023
    • Exclusive brand sales up 7% compared to prior year first quarter

    ADI first quarter 2024 net revenue of $866 million decreased $25 million compared to first quarter 2023. ADI had volume declines in several categories including residential security, access control and video, partially offset by expansion in fire and data communications. ADI's e-commerce channel grew 1% in first quarter 2024 compared to the prior year period, representing 21% of total ADI revenue. ADI digital engagement accelerated during the quarter with revenue, orders and customer count all up year-over-year. Planned improvements to website speed, on-site search, estimated delivery dates and ADI mobile app are expected to support continued customer digital growth looking forward. Exclusive brand sales grew by 7% compared to the first quarter 2023, with record daily sales levels achieved for the quarter.

    Gross margin for the quarter was 18.0%, down 120 basis points compared to first quarter of 2023. The reduction was driven by reduced inflationary pricing benefits that drove higher margin in 2023 and lower product line margin. ADI has experienced a reduction of average cost inventory benefits year-over-year, as supplier price increases have reduced in pace and scale in 2024. Selling, general and administrative expenses were $102 million in 2024, down $2 million compared to prior period. Operating profit of $49 million for first quarter 2024 decreased 23% from $64 million in first quarter 2023. Adjusted EBITDA declined to $58 million in first quarter 2024 from $70 million in first quarter 2023. Lower revenue and reduced gross margin drove the year-over-year decline in profitability.

    Cash Flow and Liquidity

    Net cash provided by operating activities was $2 million in first quarter 2024 compared to a usage of  $4 million in the first quarter 2023. The increase was primarily driven by working capital improvements compared to the prior year period. At March 30, 2024, Resideo had cash and cash equivalents of $603 million and total outstanding debt of $1.41 billion.

    Outlook

    The following table summarizes the Company's current second quarter 2024 and full year 2024 outlook.

    ($ in millions, except per share data)

    Q2 2024

    2024

    Net revenue

    $1,510 - $1,560

    $6,080 - $6,280

    Non-GAAP Adjusted EBITDA

    $130 - $150

    $560 - $640

    Non-GAAP Adjusted Earnings per share

    $0.43 - $0.53

    $1.90 - $2.30

    Full Year Cash Provided by Operating Activities



     At least $320

     

    Conference Call and Webcast Details 

    Resideo will hold a conference call with investors on May 2, 2024, at 5:00 p.m. ET. An audio webcast of the call will be accessible at https://investor.resideo.com, where related materials will be posted before the call. A replay of the webcast will be available following the presentation. To join the conference call, please dial 888-660-6357 (U.S. toll-free) or 1-929-201-6127 (international), with the conference title "Resideo First Quarter 2024 Earnings" or the conference ID: 7301399.

    About Resideo 

    Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual, data communications, and smart home solutions. For more information about Resideo, please visit www.resideo.com.

    Contacts:











    Investors:



    Media:

    Jason Willey



    Garrett Terry

    Vice President, Investor Relations



    Corporate Communications Manager

    [email protected]



    [email protected]

     

    Forward-Looking Statements

    This release contains "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the second quarter 2024 and full year 2024, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint (3),  the amount of our obligations and nature of our contractual restrictions pursuant to, and disputes that have or may hereafter arise under the agreements we entered into with Honeywell in connection with our spin-off,  (4) risks related to our recently completed acquisitions including our ability to achieve the targeted amount of annual cost synergies and successfully integrate the acquired operations (including successfully driving category growth in connected offerings), (5) the ability of the conditions to the closing of the Snap One transaction being timely satisfied and the consummation of the transaction, (6) the ability of Snap One and/or Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (7) the ability of Snap One and/or Resideo to achieve the targeted amount of synergies and the related valuation implications described in this press release, (8) the accretive nature of the transaction to Resideo's non-GAAP EPS in the first full year of ownership and the growth and margin profile of the combined businesses, (9) the ability to accelerate brand strategy as a result of the transaction, (10) the ability to integrate the Snap One business into Resideo and realize the anticipated strategic benefits of the transaction, including the anticipated operational and strategic benefits of the transaction, and (11) the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.

    Use of Non-GAAP Measures

    This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.

    We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release. A reconciliation of the forecasted range for Adjusted EBITDA  and Adjusted Net Income per diluted share for the second quarter of 2024 and for the fiscal period ending December 31, 2024 are not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors.

    Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED)



    Q1 2024 (1)

    (in millions)

    Products and Solutions



    ADI Global Distribution



    Corporate



    Total Company

    Net revenue

    $                620



    $                866



    $                  —



    $             1,486

    Cost of goods sold

    375



    710



    1



    1,086

    Gross profit

    245



    156



    (1)



    400

    Research and development expenses

    25



    —



    —



    25

    Selling, general and administrative expenses

    97



    102



    32



    231

    Intangible asset amortization

    6



    3



    —



    9

    Restructuring expenses

    5



    2



    —



    7

    Income (loss) from operations

    $                112



    $                  49



    $                (33)



    $                128

     



    Q1 2023 (1)

    (in millions)

    Products and Solutions



    ADI Global Distribution



    Corporate



    Total Company

    Net revenue

    $                658



    $                891



    $                  —



    $             1,549

    Cost of goods sold

    410



    720



    1



    1,131

    Gross profit

    248



    171



    (1)



    418

    Research and development expenses

    25



    —



    —



    25

    Selling, general and administrative expenses

    110



    104



    30



    244

    Intangible asset amortization

    6



    3



    —



    9

    Restructuring expenses

    2



    —



    —



    2

    Income (loss) from operations

    $                105



    $                  64



    $                (31)



    $                138

     



    Year-Over-Year % Change



    Products and Solutions



    ADI Global Distribution



    Corporate



    Total Company

    Net revenue

    (6) %



    (3) %



    N/A



    (4) %

    Cost of goods sold

    (9) %



    (1) %



    — %



    (4) %

    Gross profit

    (1) %



    (9) %



    — %



    (4) %

    Research and development expenses

    — %



    N/A



    N/A



    — %

    Selling, general and administrative expenses

    (12) %



    (2) %



    7 %



    (5) %

    Intangible asset amortization

    — %



    — %



    N/A



    — %

    Restructuring expenses

    150 %



    N/A



    N/A



    250 %

    Income (loss) from operations

    7 %



    (23) %



    6 %



    (7) %





    (1)

    On January 1, 2024, certain corporate functions were decentralized into the operating segments aligning with the business strategy. As a result, $11 million and $7 million of information technology, finance, tax, business development, and research and development functional expenses incurred during the first quarter are now recorded within the Products and Solutions and ADI Global Distribution segments, respectively. For the period ending April 1, 2023, $12 million and $8 million of corporate expenses have been reclassified into the Products and Solutions and ADI Global Distribution segments, respectively, decreasing reported Income from Operations to conform to the current year presentation. Additionally, certain prior period amounts have been reclassified to conform to the current period classification.

     

    Table 2: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)



    Three Months Ended

    (in millions, except per share data)

    March 30, 2024



    April 1, 2023

    Net revenue

    $                       1,486



    $                       1,549

    Cost of goods sold

    1,086



    1,131

    Gross profit

    400



    418

    Operating expenses:







    Research and development expenses

    25



    25

    Selling, general and administrative expenses

    231



    244

    Intangible asset amortization

    9



    9

    Restructuring expenses

    7



    2

    Total operating expenses

    272



    280

    Income from operations

    128



    138

    Reimbursement Agreement expense (1)

    43



    41

    Other income, net

    (1)



    (1)

    Interest expense, net

    13



    17

    Income before taxes

    73



    81

    Provision for income taxes

    30



    24

    Net income

    $                             43



    $                             57









    Earnings per share:







    Basic

    $                          0.29



    $                          0.39

    Diluted

    $                          0.29



    $                          0.38









    Weighted average number of shares outstanding:







    Basic

    146



    147

    Diluted

    148



    149





    (1)

    Represents the expense incurred pursuant to the Reimbursement Agreement, which has an annual cash payment cap of $140 million. The following table summarizes information concerning the Reimbursement Agreement:

     



    Three Months Ended

    (in millions)

    March 30, 2024



    April 1, 2023

    Accrual for Reimbursement Agreement liabilities

    deemed probable and reasonably estimable

    $                             43



    $                             41

    Cash payments made to Honeywell

    (35)



    (35)

    Accrual increase, non-cash component in period

    $                               8



    $                               6

     

       Table 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    (in millions, except par value)

    March 30, 2024



    December 31, 2023

    ASSETS







    Current assets:







    Cash and cash equivalents

    $                  603



    $                  636

    Accounts receivable, net

    933



    973

    Inventories, net

    929



    941

    Other current assets

    212



    193

    Total current assets

    2,677



    2,743









    Property, plant and equipment, net

    369



    390

    Goodwill

    2,689



    2,705

    Intangible assets, net

    456



    461

    Other assets

    329



    346

    Total assets

    $              6,520



    $              6,645









    LIABILITIES AND STOCKHOLDERS' EQUITY







    Current liabilities:







    Accounts payable

    $                  858



    $                  905

    Current portion of long-term debt

    12



    12

    Accrued liabilities

    515



    608

    Total current liabilities

    1,385



    1,525









    Long-term debt

    1,394



    1,396

    Obligations payable under Indemnification Agreements

    617



    609

    Other liabilities

    355



    366

    Total liabilities

    3,751



    3,896









    Stockholders' equity







    Common stock, $0.001 par value: 700 shares authorized, 152 and 146 shares

    issued and outstanding at March 30, 2024, respectively, and 151 and 145 shares

    issued and outstanding at December 31, 2023, respectively

    —



    —

    Additional paid-in capital

    2,243



    2,226

    Retained earnings

    853



    810

    Accumulated other comprehensive loss, net

    (226)



    (194)

    Treasury stock at cost

    (101)



    (93)

    Total stockholders' equity

    2,769



    2,749

    Total liabilities and stockholders' equity

    $              6,520



    $              6,645

     

    Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)



    Three Months Ended

    (in millions)

    March 30, 2024



    April 1, 2023

    Cash Flows From Operating Activities:







    Net income

    $                             43



    $                             57

    Adjustments to reconcile net income to net cash in operating activities:







    Depreciation and amortization

    24



    24

    Restructuring expenses

    7



    2

    Stock-based compensation expense

    14



    12

    Other, net

    3



    —

    Changes in assets and liabilities, net of acquired companies:







    Accounts receivable, net

    34



    23

    Inventories, net

    7



    (27)

    Other current assets

    3



    (8)

    Accounts payable

    (44)



    (12)

    Accrued liabilities

    (89)



    (86)

    Other, net

    —



    11

    Net cash provided by (used in) operating activities

    2



    (4)

    Cash Flows From Investing Activities:







    Capital expenditures

    (21)



    (20)

    Acquisitions, net of cash acquired

    —



    (6)

    Other investing activities, net

    (1)



    —

    Net cash used in investing activities

    (22)



    (26)

    Cash Flows From Financing Activities:







    Common stock repurchases

    (1)



    —

    Repayments of long-term debt

    (3)



    (3)

    Other financing activities, net

    (4)



    (6)

    Net cash used in financing activities

    (8)



    (9)

    Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

    (5)



    6

    Net decrease in cash, cash equivalents and restricted cash

    (33)



    (33)

    Cash, cash equivalents and restricted cash at beginning of period

    637



    329

    Cash, cash equivalents and restricted cash at end of period

    $                           604



    $                           296

     

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND

    NET INCOME COMPARISON

    (Unaudited)



    RESIDEO TECHNOLOGIES, INC.





    Three Months Ended

    (in millions, except per share data)

    March 30, 2024



    April 1, 2023

    GAAP Net income applicable to common shares

    $                            43



    $                            57

    Stock-based compensation expense

    14



    12

    Intangible asset amortization

    9



    9

    Reimbursement Agreement accrual increase, non-cash component (1)

    8



    6

    Restructuring expenses

    7



    2

    Loss on sale of assets

    3



    —

    Net periodic benefit cost, excluding service costs

    —



    3

    Other (2)

    (5)



    (7)

    Tax effect of applicable non-GAAP adjustments (3)

    (9)



    (6)

    Non-GAAP Adjusted net income applicable to common shares

    $                            70



    $                            76











    Three Months Ended



    March 30, 2024



    April 1, 2023

    GAAP Net income per diluted common share

    $                        0.29



    $                        0.38

    Stock-based compensation expense

    0.09



    0.08

    Intangible asset amortization

    0.06



    0.06

    Reimbursement Agreement accrual increase, non-cash component  (1)

    0.05



    0.04

    Restructuring expenses

    0.05



    0.01

    Loss on sale of assets

    0.02



    —

    Net periodic benefit cost, excluding service costs

    —



    0.02

    Other (2)

    (0.03)



    (0.04)

    Tax effect of applicable non-GAAP adjustments (3)

    (0.06)



    (0.04)

    Non-GAAP Adjusted net income per diluted common share

    $                        0.47



    $                        0.51













    (1)

    Refer to the Unaudited Consolidated Statements of Operations herein.





    (2)

    Other includes Tax Matters Agreement gain and foreign exchange transaction loss (income).





    (3)

    We calculated the tax effect of non-GAAP adjustments by applying a flat statutory tax rate of 25% for the three months ended March 30, 2024 and April 1, 2023.

     

     NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    (Unaudited)



    RESIDEO TECHNOLOGIES, INC.





    Three Months Ended

    (in millions)

    March 30, 2024



    April 1, 2023

    Net revenue

    $                  1,486



    $                  1,549









    GAAP Net income applicable to common shares

    $                        43



    $                        57

    Provision for income taxes

    30



    24

    GAAP Income before taxes

    73



    81

    Depreciation and amortization

    24



    24

    Stock-based compensation expense

    14



    12

    Interest expense, net

    13



    17

    Reimbursement Agreement accrual increase, non-cash component (1)

    8



    6

    Restructuring expenses

    7



    2

    Loss on sale of assets

    3



    —

    Net periodic benefit cost, excluding service costs

    —



    3

    Other (2)

    (5)



    (7)

    Non-GAAP Adjusted EBITDA

    $                      137



    $                      138

    Non-GAAP Adjusted EBITDA as a % of net revenue

    9.2 %



    8.9 %





    (1)

    Refer to the Unaudited Consolidated Statements of Operations herein.





    (2)

    Other includes Tax Matters Agreement gain and foreign exchange transaction loss (income). 

     

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    (Unaudited)



    PRODUCTS AND SOLUTIONS SEGMENT





    Three Months Ended

    (in millions)

    March 30, 2024



    April 1, 2023

    Net revenue

    $                        620



    $                        658









    GAAP Income from operations

    $                        112



    $                        105

    Stock-based compensation expense

    6



    4

    Restructuring expenses

    5



    2

    Non-GAAP Adjusted Income from Operations

    $                        123



    $                        111









    Depreciation and amortization

    17



    17

    Non-GAAP Adjusted EBITDA

    $                        140



    $                        128

    Non-GAAP Adjusted EBITDA as a % of net revenue

    22.6 %



    19.5 %

     

    ADI GLOBAL DISTRIBUTION SEGMENT





    Three Months Ended

    (in millions)

    March 30, 2024



    April 1, 2023

    Net revenue

    $                        866



    $                        891









    GAAP Income from operations

    $                          49



    $                          64

    Stock-based compensation expense

    2



    2

    Restructuring expenses

    2



    —

    Non-GAAP Adjusted Income from Operations

    $                          53



    $                          66









    Depreciation and amortization

    5



    4

    Non-GAAP Adjusted EBITDA

    $                          58



    $                          70

    Non-GAAP Adjusted EBITDA as a % of net revenue

    6.7 %



    7.9 %

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/resideo-announces-first-quarter-2024-financial-results-302135033.html

    SOURCE Resideo Technologies, Inc.

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    • Amendment: SEC Form SC 13G/A filed by Resideo Technologies Inc.

      SC 13G/A - RESIDEO TECHNOLOGIES, INC. (0001740332) (Subject)

      11/14/24 2:12:23 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Resideo Technologies Inc.

      SC 13G/A - RESIDEO TECHNOLOGIES, INC. (0001740332) (Subject)

      11/12/24 5:16:20 PM ET
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    • Resideo Announces First Quarter 2025 Financial Results; Reaffirms 2025 Outlook

      Net revenue was $1.77 billion, up 19% year-over-year, at the high-end of outlook range; reflects mid-single-digit organic revenue(1) growth at both ADI and Products and Solutions Total company gross margin was 28.9%, up 200 basis points year-over-year; Products and Solutions gross margin was 41.4%, eighth consecutive quarter of year-over-year improvementThe integration of Snap One into ADI is progressing well and synergy achievement is ahead of planOver 98% of product costs incurred by the Products and Solutions segment in Mexico are currently exempt from tariffsSCOTTSDALE, Ariz., May 6, 2025 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer, developer, an

      5/6/25 4:05:00 PM ET
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    • Resideo to Release First Quarter 2025 Financial Results on May 6, 2025

      SCOTTSDALE, Ariz., April 15, 2025 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, will release first quarter 2025 financial results after the close of the New York Stock Exchange on Tuesday, May 6, 2025. A conference call and simultaneous webcast to discuss the results will be held on Tuesday, May 6, 2025 at 5:00 p.m. ET. Interested investors and other parties can listen to a webcast of the conference cal

      4/15/25 4:05:00 PM ET
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    • Resideo Announces Full Year and Fourth Quarter 2024 Financial Results and Initiates 2025 Outlook

      Full year 2024 net revenue was $6.76 billion, exceeding the high-end of outlook range; reflects organic revenue(1) growth at both ADI and Products and Solutions Full year 2024 cash provided from operating activities was $444 million, a new record and exceeding outlookFull year 2024 net income was $116 million or $0.61 per fully diluted share; Adjusted EBITDA was $693 million and Adjusted EPS was $2.29, both exceeding the high-end of outlook rangeFourth quarter net revenue growth was 21% year-over-year, exceeding the high-end of outlook rangeFourth quarter Products and Solutions gross margin was 40.8%, seventh consecutive quarter of year-over-year improvementSCOTTSDALE, Ariz., Feb. 20, 2025 /

      2/20/25 4:05:00 PM ET
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    • Large owner Cd&R Channel Holdings Ii, L.P. bought $99,999,992 worth of shares (5,754,501 units at $17.38) (SEC Form 4)

      4 - RESIDEO TECHNOLOGIES, INC. (0001740332) (Issuer)

      5/9/25 4:30:41 PM ET
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    • Director Teich Andrew C bought $350,160 worth of Common Stock (18,154 units at $19.29), increasing direct ownership by 8% to 239,768 units (SEC Form 4)

      4 - RESIDEO TECHNOLOGIES, INC. (0001740332) (Issuer)

      2/28/25 4:20:10 PM ET
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    • SEC Form 10-Q filed by Resideo Technologies Inc.

      10-Q - RESIDEO TECHNOLOGIES, INC. (0001740332) (Filer)

      5/6/25 4:27:56 PM ET
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    • Resideo Technologies Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - RESIDEO TECHNOLOGIES, INC. (0001740332) (Filer)

      5/6/25 4:08:20 PM ET
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    • SEC Form DEFA14A filed by Resideo Technologies Inc.

      DEFA14A - RESIDEO TECHNOLOGIES, INC. (0001740332) (Filer)

      4/23/25 4:16:29 PM ET
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    • Resideo downgraded by Analyst with a new price target

      Analyst downgraded Resideo from Overweight to Neutral and set a new price target of $16.00

      4/22/25 7:22:21 AM ET
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    • Evercore ISI resumed coverage on Resideo with a new price target

      Evercore ISI resumed coverage of Resideo with a rating of Outperform and set a new price target of $25.00

      8/9/24 8:40:13 AM ET
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    • JP Morgan resumed coverage on Resideo with a new price target

      JP Morgan resumed coverage of Resideo with a rating of Overweight and set a new price target of $22.00

      7/5/23 7:24:18 AM ET
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    • Resideo Announces First Quarter 2025 Financial Results; Reaffirms 2025 Outlook

      Net revenue was $1.77 billion, up 19% year-over-year, at the high-end of outlook range; reflects mid-single-digit organic revenue(1) growth at both ADI and Products and Solutions Total company gross margin was 28.9%, up 200 basis points year-over-year; Products and Solutions gross margin was 41.4%, eighth consecutive quarter of year-over-year improvementThe integration of Snap One into ADI is progressing well and synergy achievement is ahead of planOver 98% of product costs incurred by the Products and Solutions segment in Mexico are currently exempt from tariffsSCOTTSDALE, Ariz., May 6, 2025 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer, developer, an

      5/6/25 4:05:00 PM ET
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    • Resideo To Participate at Upcoming Investor Conferences

      SCOTTSDALE, Ariz., May 5, 2025 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today announced that it is scheduled to participate at the following investor conferences. Oppenheimer 20th Annual Industrial Growth Conference held virtually on Wednesday, May 7, 2025. Michael Carlet, Resideo's Chief Financial Officer, and Thomas Surran, President of Resideo's Products & Solutions business segment, will partic

      5/5/25 4:05:00 PM ET
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    • Resideo to Release First Quarter 2025 Financial Results on May 6, 2025

      SCOTTSDALE, Ariz., April 15, 2025 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, will release first quarter 2025 financial results after the close of the New York Stock Exchange on Tuesday, May 6, 2025. A conference call and simultaneous webcast to discuss the results will be held on Tuesday, May 6, 2025 at 5:00 p.m. ET. Interested investors and other parties can listen to a webcast of the conference cal

      4/15/25 4:05:00 PM ET
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    • Large owner Cd&R Channel Holdings Ii, L.P. bought $99,999,992 worth of shares (5,754,501 units at $17.38) (SEC Form 4)

      4 - RESIDEO TECHNOLOGIES, INC. (0001740332) (Issuer)

      5/9/25 4:30:41 PM ET
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    • Director Lazar Jack R was granted 1,729 units of Common Stock, increasing direct ownership by 2% to 104,887 units (SEC Form 4)

      4 - RESIDEO TECHNOLOGIES, INC. (0001740332) (Issuer)

      4/3/25 4:38:29 PM ET
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    • Director Teich Andrew C was granted 8,787 units of Common Stock, increasing direct ownership by 4% to 248,555 units (SEC Form 4)

      4 - RESIDEO TECHNOLOGIES, INC. (0001740332) (Issuer)

      4/3/25 4:37:59 PM ET
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    • Resideo Announces CEO Succession Plan and New Chairman of the Board

      Jay Geldmacher to retire as President and CEO, and member of the Board of Directors in 2025 Current Vice-Chair, Andrew C. Teich, to become Chairman SCOTTSDALE, Ariz., Nov. 7, 2024 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE:REZI), a leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort and smart living, security, life safety and energy efficiency to consumers and businesses, today announced that Jay Geldmacher, President and Chief Executive Officer, has informed the Board of his intention to retire from his executive and Board roles in 2025.  Mr. Geldmacher will continue to serve as President and CEO until his successor is name

      11/7/24 4:05:00 PM ET
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    • Janus International Group Appoints Roger Fradin as Vice Chairman

      Janus International Group, Inc. (NYSE:JBI) ("Janus" or the "Company"), a leading provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, today announced the appointment of Roger Fradin to the position of Vice Chairman of the Board of Directors, effective July 5, 2023. Mr. Fradin, who has served as a director of Janus since 2021, has over 40 years of experience acquiring, building and leading a diverse set of industrial technology businesses. Mr. Fradin's previous roles include President and Chief Executive Officer of the Security and Fire Solutions segment of Pittway Corporation, President and Ch

      7/5/23 7:00:00 AM ET
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    • Janus International Appoints Anselm Wong as Executive Vice President and Chief Financial Officer

      Reaffirms Full Year 2022 Financial Guidance Janus International Group, Inc. (NYSE:JBI) ("Janus" or the "Company"), a leading provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, today announced the appointment of Anselm Wong as Executive Vice President and CFO, effective July 1, 2022. He will report directly to CEO Ramey Jackson. Wong will bring his 25 years of experience in finance leadership and strategy roles to oversee Janus's finance organization, including financial planning and analysis, accounting and reporting, internal audit, corporate development, and investor relations. Mr. Wong ha

      6/21/22 7:00:00 AM ET
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