Resideo Technologies, Inc. - REZI STOCK NEWS

Resideo Technologies announced its Q3 2024 financial results, reporting an 18% increase in net revenue year-over-year to $1.83 billion. Net income available to common stockholders was $11 million, down from $21 million in Q3 2023. Adjusted EBITDA rose to $190 million, surpassing the outlook range. The Products and Solutions segment saw a gross margin of 42.2% and net revenue of $645 million, down 1% year-over-year. The ADI Global Distribution segment's net revenue increased 31% to $1,183 million, driven by the Snap One acquisition. Gross margin for ADI improved to 21.3%. Resideo expects continued positive momentum into Q4 2024 and 2025, with Q4 revenue projected between $1.815 billion and $1.855 billion. Full-year 2024 revenue is forecasted between $6.72 billion and $6.76 billion.

Resideo Technologies (NYSE: REZI) announced that President and CEO Jay Geldmacher will retire in 2025. He will remain in his roles until a successor is named and will then serve as a senior advisor. The Board has engaged an executive search firm to find his replacement. Geldmacher highlighted the company's achievements, including portfolio refocusing, improved cash flow, and market expansion. Andrew C. Teich, the current Vice-Chair, is now the Chairman of the Board, replacing Roger B. Fradin. Fradin will continue to advise Resideo. Teich has been with Resideo since its launch and has significant industry experience.

Resideo Technologies, Inc. (NYSE: REZI), a leading global provider of home comfort, life safety and security solutions, and distributor of commercial and residential security and audio-visual products, has announced it will release its third quarter 2024 financial results after the close of the New York Stock Exchange on Thursday, November 7, 2024.

The company will hold a conference call and simultaneous webcast to discuss the results on the same day at 5:00 p.m. ET. Investors and interested parties can access the webcast through the Investor Relations section of Resideo's website at https://investor.resideo.com. Related materials will be posted before the call, and a replay will be available after the presentation.

For those who prefer to join by phone, the conference call can be accessed by dialing 888-660-6357 (U.S., toll-free) or 1-929-201-6127 (international), using the conference title "Resideo Third Quarter 2024 Earnings" or the conference ID: 7301399.

First Alert, the most trusted brand in fire safety, highlights the importance of functional smoke alarms during Fire Prevention Month. A recent survey reveals that 60% of Americans have experienced nuisance alarms, with 41% disconnecting their alarms and 35% removing batteries, leaving homes unprotected. Ryan Park, Senior Product Director, emphasizes the danger of deactivating smoke alarms and introduces First Alert's Precision Detection technology to reduce nuisance alarms.

The survey found that 27% of nuisance alarms occurred during gatherings, primarily caused by cooking activities. First Alert recommends installing smoke and carbon monoxide alarms on every level of the home, including bedrooms. The company is partnering with Lowe's stores nationwide on October 12 for Fire Prevention Month safety events, offering education and activities for families.

Resideo Technologies (NYSE: REZI) has released its 2023 Environmental, Social and Governance (ESG) report, highlighting significant progress and new long-term targets. Key achievements include:

• A 10-point increase in EcoVadis score, placing Resideo in the top 8% of its peer category
• New carbon reduction target of 50% for Scope 1 and 2 emissions by 2035
• Nearly $5M investment in ESG-related capital expenditures for EMEA facilities
• Continued focus on sustainability-aligned innovation through the Green Horizons framework
• Emphasis on employee wellbeing and growth through training and mentorship programs
• Ongoing community impact initiatives with organizations like Mission 500 and Habitat for Humanity

The report underscores Resideo's commitment to transparency and progress in environmental sustainability, social responsibility, and ethical governance.

MSC Industrial Supply Co. (NYSE: MSM) has announced the addition of Rob Aarnes to its Board of Directors as an independent member. This move strengthens MSC's corporate governance profile and aligns with the reclassification agreement with shareholders. Aarnes, currently the President of ADI Global Distribution, brings extensive experience in operations management and a track record of driving profitable growth across various C-level roles. His background in distribution business models similar to MSC's is expected to provide valuable insights as the company works towards achieving its full potential and creating shareholder value.

Aarnes has led ADI, a $4.6B global wholesale distributor, since 2017. ADI is part of Resideo Technologies, Inc. (NYSE: REZI), a $7.3B manufacturer and distributor of smart-living products. Aarnes' diverse experience includes roles in private equity, specialty retail, and big box consumer electronics retail. He is a graduate of the United States Naval Academy and holds an MBA from San Diego State University.

Resideo Technologies announced its Second Quarter 2024 financial results with a net income of $30 million and Adjusted EBITDA of $175 million, surpassing the high end of their outlook range.

Despite a 1% year-over-year decrease in net revenue to $1.59 billion, the company saw notable improvements:

• Products and Solutions gross margin increased to 41.3%.
• Operating profit rose to $130 million.
• ADI Global Distribution net revenue increased by 4% to $959 million.

Resideo completed the acquisition of Snap One, contributing $45 million to ADI's revenue. The company appointed Mike Carlet as CFO, effective August 9, 2024. Net cash provided by operating activities was $92 million, with cash and equivalents totaling $413 million as of June 29, 2024. The company forecasts Q3 2024 revenue between $1.79 billion and $1.83 billion, and full-year revenue between $6.68 billion and $6.76 billion.

Resideo Technologies (NYSE: REZI), a leading global provider of home comfort, life safety and security solutions, has announced it will release its second quarter 2024 financial results on August 8, 2024, after the New York Stock Exchange closes. The company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the results.

Investors can access the webcast through Resideo's Investor Relations website, where related materials will be posted before the call. For those unable to attend, a replay will be available. Alternatively, participants can dial in using the provided toll-free and international numbers, quoting the conference title or ID.

Resideo Technologies (NYSE: REZI) announced an increase in its private offering of 6.500% Senior Notes due 2032, raising the aggregate principal amount to $600 million, an upsize of $100 million from its initial plan. The Notes are priced at 100% of their principal amount and are guaranteed by Resideo and its subsidiaries. The proceeds will repay part of the company's senior secured Term B loans maturing in February 2028. The offering is expected to close on July 17, 2024, subject to standard closing conditions. The Notes will be available to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S.