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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, Inc. reported a record net revenue of $6.37 billion for the full year 2022, a 9% increase from $5.85 billion in 2021. The gross profit margin improved to 27.7% from 27.1% in 2021, while operating income rose to $611 million. Fully diluted EPS was $1.90, up from $1.63. For Q4 2022, revenue reached $1.56 billion (up 7% YoY) but operating income fell to $98 million due to $35 million in restructuring expenses. The company plans a 5% workforce reduction to save $70 million annually amid economic uncertainty. 2023 guidance anticipates revenue between $6.2 - $6.55 billion.
Resideo Technologies, Inc. (NYSE: REZI) announced the release of its fourth quarter and full year 2022 financial results on February 15, 2023, after the close of the New York Stock Exchange. A conference call will accompany the release, starting at 5:00 p.m. ET the same day. Interested parties can join the call through the Investor Relations section of Resideo's website or by dialing in. Resideo, a global provider of home comfort and security solutions, serves over 150 million homes with a presence in more than 100 countries.
Resideo Technologies, a global provider of home comfort and security solutions, will participate in several upcoming investor conferences. Key dates include:
- Baird Global Industrial Conference in Chicago on November 8, 2022, at 11:25 p.m. CT.
- NYSE Industrials Virtual Investor Access Day on November 15, 2022.
- BofA Securities Leveraged Finance Conference in Boca Raton on November 29, 2022, at 4:10 p.m. ET.
- Imperial Capital Security Investor Conference in New York on December 15, 2022.
For more information about Resideo, visit www.resideo.com.
Resideo Technologies reported third quarter 2022 results with net revenue of $1.62 billion, an 8% increase year-over-year. However, gross profit margin fell to 26.6% from 28.1% in the prior year, while operating profit decreased to $155 million from $167 million. Earnings per share were $0.42, down from $0.46. The company anticipates fourth quarter revenue between $1.55 billion and $1.60 billion, and full year 2022 revenue of $6.36 billion to $6.41 billion.
Resideo Technologies, Inc. (NYSE: REZI) is set to release its third quarter 2022 financial results on November 1, 2022, after the market close. A conference call to discuss these results will occur at 5:00 p.m. ET on the same day. Interested parties can access the live webcast through Resideo's Investor Relations section or via a conference call at specified numbers. The company, a leader in home comfort and security solutions, serves millions of homes globally and continues to support over 110,000 professionals through its distributors.
First Alert, part of Resideo Technologies, collaborates with actress Eva Longoria to promote fire safety during the 100th anniversary of Fire Prevention Week in October. This nationwide campaign aims to educate Americans about crucial home safety measures against fire and carbon monoxide threats. Key recommendations include installing smoke alarms in every bedroom and maintaining them regularly. The initiative aligns with the ongoing efforts of fire departments and Lowe's, where events are planned to raise awareness and teach families about effective home safety practices.
Resideo Technologies, Inc. (NYSE: REZI) reported impressive financial results for Q2 2022, achieving net revenue of $1.69 billion, a 14% increase from the previous year. The gross profit margin improved to 27.7%, up 160 basis points, while operating profit rose to $186 million (11% of revenue), compared to $121 million in Q2 2021. Earnings per share also increased to $0.63 from $0.39. The company anticipates full year 2022 revenue between $6.45 billion and $6.65 billion, maintaining a positive outlook amid supply chain challenges.
Resideo Technologies, Inc. (NYSE: REZI) will release its second quarter 2022 financial results on August 4, 2022, post-market hours. A conference call and webcast to discuss these results will take place on the same day at 5:00 p.m. ET. Interested parties can access the call via the Investor Relations section on Resideo’s website or by dialing 888-660-6357 for U.S. callers and 1-929-201-6127 for international callers. Resideo, a global leader in home comfort and security solutions, serves over 150 million homes worldwide.
Resideo Technologies, Inc. (NYSE: REZI) has acquired Electronic Custom Distributors (ECD), a key player in the audio, video, and automation distribution sector based in Houston, Texas. This acquisition enhances Resideo's ADI Global Distribution network and expands its presence in the residential AV and Smart Home markets. With ECD's established branch locations serving the Texas, Oklahoma, Louisiana, and Arkansas regions, Resideo aims to drive growth utilizing ECD's exclusive product lines and comprehensive portfolio. The terms of the transaction remain undisclosed.
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