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Resideo Technologies, Inc. (NYSE: REZI) is a globally recognized leader in providing innovative solutions that enhance home comfort, safety, and energy management. Established as an independent, publicly traded entity in 2018 following a spin-off from Honeywell, Resideo's mission centers around delivering integrated and user-friendly connected home solutions.
Resideo's portfolio encompasses an array of products designed to ensure homeowners' safety and comfort. These include connected thermostats, professionally installed and monitored security systems, DIY security kits, carbon monoxide and fire detection devices, furnace and boiler controls, water leak detectors, air purifiers, and humidifiers. Their software applications enable remote home management from any mobile device, providing unparalleled convenience and peace of mind.
The company operates through two main segments: Products and Solutions and ADI Global Distribution. The Products and Solutions segment focuses on temperature and humidity control, energy management, water and air solutions, and home safety products like smoke detectors and security panels. Meanwhile, the ADI Global Distribution segment serves over 100,000 low-voltage contractors worldwide, providing products such as security cameras, access control systems, fire detection devices, and communication equipment through more than 200 physical locations globally.
In recent developments, Resideo has shown resilience and strategic foresight. The company reported a consolidated net revenue of $1.55 billion for Q3 2023, with continued efforts to optimize its portfolio and operational footprint. Noteworthy achievements include the sale of its non-strategic Genesis Cable business and the acquisition of Sfty, a Norwegian-based life safety monitoring technology provider. These moves underscore Resideo's commitment to focusing on core long-term strategic initiatives.
With a vision towards sustainable growth, Resideo has undertaken significant cost reduction initiatives, improved gross margins through efficient cost management, and strengthened its relationships within key channels such as insurance. Furthermore, the company continues to advance its digital capabilities, particularly within the ADI segment, which saw a notable 5% growth in its e-commerce channel during Q3 2023.
Leadership changes have also been pivotal, with the appointment of Tom Surran as President of the Products & Solutions business. His extensive experience in product management and operations is expected to drive innovation and operational excellence across the segment.
Resideo remains a formidable force in the home solutions market, driven by a strategic vision, robust financial health, and a commitment to delivering value through cutting-edge technology and comprehensive customer solutions.
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.
Resideo Technologies (NYSE: REZI) has announced a private offering of $500 million in Senior Notes due 2032 through its subsidiary, Resideo Funding. These notes will be fully guaranteed by Resideo and its subsidiaries. The proceeds will be used to repay part of the outstanding senior secured Term B loans maturing in 2028. The offering targets qualified institutional buyers and non-U.S. investors under Rule 144A and Regulation S of the Securities Act of 1933. The securities won't be registered under the Securities Act or state laws and can't be sold unless exempt from registration requirements.
Resideo Technologies has completed its acquisition of Snap One for $1.4 billion, aiming to enhance its presence in the smart living market. The integration of Snap One into Resideo's ADI Global Distribution segment is expected to expand product offerings and digital capabilities. The acquisition is anticipated to be accretive to Resideo's non-GAAP Adjusted EPS in 2025, with expected synergies of $75 million by 2027. Additionally, investment funds managed by Clayton, Dubilier & Rice completed a $500 million convertible preferred stock investment in Resideo. As part of the transaction, Nate Sleeper and John Stroup from CD&R have joined Resideo's Board of Directors.
Resideo Technologies, Inc. (NYSE: REZI) will participate in upcoming investor conferences to showcase their technology-driven products and solutions for homes and businesses. The senior management will present at the Oppenheimer 19th Annual Industrial Growth Conference on May 7, 2024, and at the Baird Global Consumer, Technology & Services Conference on June 6, 2024.
Resideo Technologies, Inc. announced first quarter 2024 financial results with net revenue of $1.49 billion, down 4% YoY. Adjusted EBITDA was $137 million, surpassing outlook. The company continues its business transformation with new product launches and the acquisition of Snap One. Gross margin improved to 39.5% in Products and Solutions. Resideo aims to enhance exclusive brand sales and digital capabilities.
Resideo Technologies (NYSE: REZI) and Baltimore Gas and Electric (BGE) have announced a partnership to expand BGE's Connected Rewards program in Maryland, aiming to balance the grid during peak demand periods and provide energy savings to customers. The program allows customers to reduce overall electricity demand during peak times, receiving financial incentives for enrolling their smart thermostats. Resideo's expertise in energy management and grid reliability will help BGE in maintaining grid stability and achieving cost savings for customers.
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