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 reports developments in sensing and controls products, home comfort, safety and security solutions, and low-voltage distribution for residential and commercial end-markets. The company operates through Products & Solutions and ADI Global Distribution, with news commonly centered on earnings, segment performance, outlook, investor presentations, and capital allocation.
Company updates also cover Honeywell Home product launches, portfolio actions, and business-structure disclosures involving ADI Global Distribution. Resideo's product and distribution categories include thermostats, air and water solutions, smoke and carbon monoxide detection, security panels, sensors, video products, access control, fire detection, wire and cable, and related professional-channel offerings.
Resideo Technologies, Inc. (NYSE: REZI) reported a strong financial performance for the full year 2021, with net revenue of $5.8 billion, up 15% from 2020. The gross profit margin improved to 26.7% and operating profit surged by 80% to $559 million. Fully diluted EPS increased to $1.63 compared to $0.29 in 2020. However, Q4 2021 net revenue fell by 3% to $1.45 billion, marking a slight dip in performance. Looking ahead, Resideo forecasts 2022 revenue between $5.95 billion and $6.20 billion.
Resideo Technologies (NYSE: REZI) has acquired Arrow Wire & Cable, a regional distributor based in Chino, California. This acquisition, announced on February 14, 2022, strengthens Resideo's ADI Global Distribution business, enhancing its portfolio in Data Communications through a range of products and increased geographic reach. Arrow's established operations support Resideo's strategy for growth via tuck-in acquisitions, marking the fourth expansion since 2020. The transaction terms were not disclosed.
Newell Brands Inc. (NASDAQ: NWL) has entered into a definitive agreement to sell its Connected Home & Security (CH&S) business to Resideo Technologies, Inc. (NYSE: REZI) for expected gross proceeds of $593 million. The CH&S business, based in Aurora, Illinois, generated net sales of approximately $395 million in 2021 and is known for brands such as BRK and First Alert. The sale will enable Newell to focus on its core capabilities while using the after-tax proceeds for debt reduction and a $375 million share repurchase program. The transaction is expected to close by the end of Q1 2022.
Resideo Technologies, Inc. (NYSE: REZI) will announce its fourth quarter and full year 2021 financial results on February 15, 2022, after the market closes. Accompanying the release, a conference call will take place at 5:00 p.m. ET the same day, accessible via the company's Investor Relations website. Resideo provides home comfort and security solutions, serving over 150 million homes worldwide and distributing products through more than 110,000 professionals.
Resideo Technologies (NYSE: REZI) hosted its 32nd annual CONNECT event, emphasizing support for security and HVAC professionals. Key innovations include the Pro-IQ™ monitoring service, aimed at enhancing customer relationships with 24/7 insights. The company unveiled new offerings for residential builders, promoting eco-conscious smart home solutions through its BuildSmart™ program. Training initiatives were highlighted through Resideo Academy, aimed at improving professional skills. With a legacy of 130 years, Resideo continues to transform home comfort and security across the globe.
Resideo Technologies Inc. (NYSE: REZI) has announced the integration of the Amazon Smart Thermostat into its Connected Savings portfolio. This partnership aims to enhance utility energy efficiency and drive participation in rewards programs. The thermostat, utilizing Honeywell Home technology, supports energy-saving initiatives that reduce carbon emissions and improve grid reliability. Priced at $59.99, it is ENERGY STAR® certified and conveniently links customers to utility rebates.
Resideo Technologies, Inc. (NYSE: REZI) reported a 10% increase in third-quarter revenue, reaching $1.5 billion, with a gross profit margin of 27.8%. Operating profit surged to $167 million, and cash from operations increased to $104 million. However, net income fell to $68 million, or $0.46 per diluted share. For 2021, Resideo revised its revenue outlook to $5.83 billion - $5.88 billion and projected fourth-quarter revenue between $1.44 billion - $1.49 billion, citing supply chain challenges impacting demand fulfillment.
Resideo Technologies (NYSE: REZI) will announce its third quarter 2021 financial results on November 4, 2021, after the market close. A conference call and webcast will follow on the same day at 5:00 p.m. ET. Investors can access the call via the Investor Relations section of Resideo's website. The company, known for its home comfort and security solutions, serves over 150 million homes worldwide with approximately 15 million systems installed annually.
Resideo Technologies (NYSE: REZI) announced the appointment of Dana Huth as executive vice president and chief revenue officer, effective immediately. Huth, with over 30 years of leadership experience, previously served as chief revenue officer for Advanced Energy and president of Artesyn Embedded Power, where he significantly increased annual revenues. Huth's expertise will aid Resideo's strategy for global revenue growth. President and CEO Jay Geldmacher emphasized Huth's ability to develop customer relationships and scale new business units, crucial for Resideo's ongoing market expansion.
Resideo Technologies (NYSE:REZI) announced the pricing of its private offering of $300 million 4.000% Senior Notes due 2029. The notes will be fully guaranteed by Resideo and its subsidiaries. The funds will be used to redeem $260 million of outstanding 6.125% Senior Notes due 2026 and cover related costs. The closing of the sale is expected on August 26, 2021. The offering is limited to qualified institutional buyers in compliance with SEC regulations.