Welcome to our dedicated page for Resideo Technologies news (Ticker: REZI), a resource for investors and traders seeking the latest updates and insights on Resideo Technologies stock.
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 (NYSE:REZI) has announced the commencement of a private offering of $300 million in Senior Notes due 2029. The proceeds will be used to redeem outstanding 6.125% Senior Notes due 2026, totaling $260 million, and for general corporate purposes. The offering is targeted at qualified institutional buyers under Rule 144A and will not be registered under the Securities Act. This move reflects Resideo's strategy to manage its debt effectively as it continues its operations in the technology-driven products market.
Resideo Technologies, Inc. (NYSE: REZI) reported a strong second quarter of 2021 with net revenue of $1.5 billion, a 44% increase from the previous year. The gross profit margin improved to 25.8%. Operating profit reached $121 million, marking a significant recovery from a loss of $6 million in Q2 2020. As of July 3, 2021, cash and cash equivalents totaled $579 million. Resideo updated its 2021 guidance, projecting revenue between $5.85 billion and $5.95 billion and operating profit between $535 million and $565 million.
Resideo Technologies, Inc. (NYSE: REZI) will announce its second quarter 2021 financial results after market close on August 5, 2021. A conference call for investors is scheduled for the same day at 5:00 p.m. EDT. Interested parties can access a real-time audio webcast via the Resideo investor relations website. Resideo is a global leader in technology-driven products, serving over 150 million homes with a presence in more than 100 countries. This financial update is crucial for shareholders and market analysts monitoring the company's performance.
Resideo Technologies, a leading provider of home comfort and security solutions, announced participation in several upcoming virtual investor conferences. Key events include the KeyBanc Industrials & Basic Materials conference on June 4, 2021, and the Evercore ISI TMT Conference on June 7, 2021, where Resideo will present at 11:45 a.m. EDT. Additionally, they will be present at the Baird 2021 Global Consumer, Technology & Services Conference on June 10, 2021. Interested parties can access the live webcast through Resideo's Investor Relations webpage.
Resideo Technologies, Inc. (NYSE: REZI) announced its acquisition of Shoreview Distribution, a distributor of audio, video, and broadcast equipment. This strategic move is aimed at enhancing Resideo's ADI Global Distribution business and strengthening its presence in the Pro AV market. Shoreview, founded in 1989, provides critical industry brands and improves product availability with its warehouse locations on both the east and west coasts. The CEO emphasized that this acquisition aligns with ADI's growth strategy in adjacent markets, marking the third acquisition since early 2020.
Resideo Technologies reported strong Q1 2021 results, with net revenue of $1.4 billion, a 20% increase year-over-year. The gross profit margin improved to 25.9% from 24.1% in Q1 2020. Operating profit surged to $130 million, a significant rise from $34 million in the previous year. Net income rose to $49 million or $0.33 per diluted share, compared to a loss of $21 million in Q1 2020. The company expects full-year revenue of $5.5 billion to $5.7 billion and Q2 revenue between $1.40 billion and $1.45 billion.
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.
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