Resideo Technologies Stock Price, News & Analysis

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.

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.