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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. (NYSE: REZI) will announce its first quarter 2021 financial results after the close of the New York Stock Exchange on May 6, 2021. A conference call to discuss these results will take place on the same day at 5:00 p.m. EDT, accessible via a real-time audio webcast on their investor relations page. Resideo specializes in technology-driven products for comfort, security, and energy efficiency, serving over 110,000 professionals worldwide and maintaining a presence in more than 150 million homes.
Resideo Technologies has acquired Norfolk Wire & Electronics, a prominent distributor in the telecom and AV market based in Richmond, VA. This acquisition strengthens Resideo’s ADI Global Distribution segment, enhancing its product offerings, particularly in the Data Communications market. With Norfolk’s extensive distribution network and services, Resideo aims to expand its reach in the mid-Atlantic region, responding to the increasing demand for high-speed connectivity and IoT devices. The transaction details were not disclosed.
Resideo Technologies, Inc. (NYSE: REZI) has appointed Kareem Yusuf, Ph.D., to its Board of Directors. Dr. Yusuf, with over 17 years of executive experience at IBM, currently leads AI Applications, managing a multibillion-dollar P&L. His expertise encompasses product management, software development, and technical sales. He aims to support Resideo’s transformation and market expansion efforts. The appointment reflects the company's commitment to innovation and enhancing its technology foundation, as emphasized by Chairman Roger Fradin.
Resideo Technologies (NYSE: REZI) will participate in the Raymond James 42nd Annual Institutional Investors Conference on March 3, 2021. The presentation is set to begin at 1:20 p.m. ET and will be available via a live webcast on Resideo's Investor Relations website. Resideo, a leading provider of home comfort and security solutions, operates in over 150 million homes globally and installs 15 million systems annually. For more details, visit www.resideo.com.
Resideo Technologies, Inc. (NYSE: REZI) reported strong financial results for Q4 2020, with net revenue of $1.5 billion, a 15% year-over-year increase. Operating profit surged to $152 million from $72 million, and net income reached $59 million, recovering from a $9 million loss in the prior year. For FY 2020, revenue was $5.1 billion, up 2%, while operating profit improved to $311 million. The company anticipates 2021 revenue between $5.2 billion and $5.4 billion, with a gross profit margin of 26% to 28%. Management highlighted robust demand in residential markets and ongoing transformation initiatives.
Resideo Technologies (NYSE: REZI) will conduct a virtual Investor Day on March 11, 2021, at 10:00 a.m. Eastern Time. Senior management will present the company's strategies and financial updates, followed by a Q&A session. Investors can access a live webcast on the Resideo investor relations website, with replays available post-event. Resideo, a leader in technology-driven solutions, supports over 150 million homes globally and serves 110,000 professionals via distribution networks.
Resideo Technologies (NYSE: REZI) announced the successful refinancing of its senior secured term loans, securing a new $950 million term loan B maturing in 2028 with an interest rate of LIBOR + 225 basis points. Additionally, the company established a $500 million revolving credit facility maturing in 2026. The refinancing led to an upgrade in corporate credit rating by Moody's to 'Ba3', while S&P affirmed its 'BB' rating with a stable outlook. Furthermore, Resideo redeemed $140 million of its senior unsecured notes, enhancing financial flexibility and improving its credit profile.
Resideo Technologies, Inc. (NYSE: REZI) is set to announce its fourth quarter and full year 2020 financial results on February 25, 2021, before the NYSE opens. A conference call for investors will take place the same day at 8:30 a.m. EST, with a live audio webcast available on their investor website. Resideo is known for manufacturing technology-driven products aimed at comfort, security, and energy efficiency, serving millions of homes globally.
Resideo Technologies (NYSE: REZI) has initiated a refinancing of its senior secured credit facilities to enhance financial flexibility and extend debt maturities. The refinancing includes a new 7-year term loan B, a proposed $500 million revolving credit facility, and the redemption of $140 million in senior unsecured notes. Additionally, preliminary Q4 2020 results indicate a net revenue of approximately $1.50 billion, a 15% increase from Q4 2019, along with an operating profit of around $152 million.
Resideo Technologies, Inc. (NYSE: REZI) announced the appointment of Travis Merrill as Executive Vice President and Chief Strategy Officer, effective Dec. 21, 2020. Merrill, with over 20 years of experience in strategy and marketing, will oversee Resideo's corporate and brand strategy, external communications, and partnerships. President and CEO Jay Geldmacher highlighted Merrill's proven expertise in driving growth. Resideo serves over 150 million homes globally, offering significant opportunities for future expansion.
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