Resideo Technologies Stock Price, News & Analysis

Resideo Technologies (NYSE: REZI) has released its 2023 Environmental, Social and Governance (ESG) report, highlighting significant progress and new long-term targets. Key achievements include:

• A 10-point increase in EcoVadis score, placing Resideo in the top 8% of its peer category
• New carbon reduction target of 50% for Scope 1 and 2 emissions by 2035
• Nearly $5M investment in ESG-related capital expenditures for EMEA facilities
• Continued focus on sustainability-aligned innovation through the Green Horizons framework
• Emphasis on employee wellbeing and growth through training and mentorship programs
• Ongoing community impact initiatives with organizations like Mission 500 and Habitat for Humanity

The report underscores Resideo's commitment to transparency and progress in environmental sustainability, social responsibility, and ethical governance.

MSC Industrial Supply Co. (NYSE: MSM) has announced the addition of Rob Aarnes to its Board of Directors as an independent member. This move strengthens MSC's corporate governance profile and aligns with the reclassification agreement with shareholders. Aarnes, currently the President of ADI Global Distribution, brings extensive experience in operations management and a track record of driving profitable growth across various C-level roles. His background in distribution business models similar to MSC's is expected to provide valuable insights as the company works towards achieving its full potential and creating shareholder value.

Aarnes has led ADI, a $4.6B global wholesale distributor, since 2017. ADI is part of Resideo Technologies, Inc. (NYSE: REZI), a $7.3B manufacturer and distributor of smart-living products. Aarnes' diverse experience includes roles in private equity, specialty retail, and big box consumer electronics retail. He is a graduate of the United States Naval Academy and holds an MBA from San Diego State University.

Resideo Technologies announced its Second Quarter 2024 financial results with a net income of $30 million and Adjusted EBITDA of $175 million, surpassing the high end of their outlook range.

Despite a 1% year-over-year decrease in net revenue to $1.59 billion, the company saw notable improvements:

• Products and Solutions gross margin increased to 41.3%.
• Operating profit rose to $130 million.
• ADI Global Distribution net revenue increased by 4% to $959 million.

Resideo completed the acquisition of Snap One, contributing $45 million to ADI's revenue. The company appointed Mike Carlet as CFO, effective August 9, 2024. Net cash provided by operating activities was $92 million, with cash and equivalents totaling $413 million as of June 29, 2024. The company forecasts Q3 2024 revenue between $1.79 billion and $1.83 billion, and full-year revenue between $6.68 billion and $6.76 billion.

Resideo Technologies (NYSE: REZI), a leading global provider of home comfort, life safety and security solutions, has announced it will release its second quarter 2024 financial results on August 8, 2024, after the New York Stock Exchange closes. The company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the results.

Investors can access the webcast through Resideo's Investor Relations website, where related materials will be posted before the call. For those unable to attend, a replay will be available. Alternatively, participants can dial in using the provided toll-free and international numbers, quoting the conference title or ID.

Resideo Technologies (NYSE: REZI) announced an increase in its private offering of 6.500% Senior Notes due 2032, raising the aggregate principal amount to $600 million, an upsize of $100 million from its initial plan. The Notes are priced at 100% of their principal amount and are guaranteed by Resideo and its subsidiaries. The proceeds will repay part of the company's senior secured Term B loans maturing in February 2028. The offering is expected to close on July 17, 2024, subject to standard closing conditions. The Notes will be available to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S.

Resideo Technologies (NYSE: REZI) has announced a private offering of $500 million in Senior Notes due 2032 through its subsidiary, Resideo Funding. These notes will be fully guaranteed by Resideo and its subsidiaries. The proceeds will be used to repay part of the outstanding senior secured Term B loans maturing in 2028. The offering targets qualified institutional buyers and non-U.S. investors under Rule 144A and Regulation S of the Securities Act of 1933. The securities won't be registered under the Securities Act or state laws and can't be sold unless exempt from registration requirements.

Resideo Technologies has completed its acquisition of Snap One for $1.4 billion, aiming to enhance its presence in the smart living market. The integration of Snap One into Resideo's ADI Global Distribution segment is expected to expand product offerings and digital capabilities. The acquisition is anticipated to be accretive to Resideo's non-GAAP Adjusted EPS in 2025, with expected synergies of $75 million by 2027. Additionally, investment funds managed by Clayton, Dubilier & Rice completed a $500 million convertible preferred stock investment in Resideo. As part of the transaction, Nate Sleeper and John Stroup from CD&R have joined Resideo's Board of Directors.

Resideo Technologies, Inc. (NYSE: REZI) will participate in upcoming investor conferences to showcase their technology-driven products and solutions for homes and businesses. The senior management will present at the Oppenheimer 19th Annual Industrial Growth Conference on May 7, 2024, and at the Baird Global Consumer, Technology & Services Conference on June 6, 2024.

Resideo Technologies, Inc. announced first quarter 2024 financial results with net revenue of $1.49 billion, down 4% YoY. Adjusted EBITDA was $137 million, surpassing outlook. The company continues its business transformation with new product launches and the acquisition of Snap One. Gross margin improved to 39.5% in Products and Solutions. Resideo aims to enhance exclusive brand sales and digital capabilities.