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) generates frequent news and disclosures as a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. News about Resideo often covers developments in its Products & Solutions segment, which focuses on residential controls and sensing solutions, and its ADI Global Distribution segment, which operates as a global wholesale distributor of low-voltage security, fire, audio-visual, access control, smart living, and data communications products.
Recent press releases illustrate the types of updates investors and observers can expect. Product news includes announcements such as the Honeywell Home X8S smart thermostat, described by the company as a premium smart thermostat with a large touchscreen, integrated live video streaming from compatible doorbells, indoor air quality monitoring features, and connectivity with major smart home platforms. Other product-related updates highlight connected smoke and carbon monoxide detectors, water and energy products, and security and indoor air quality offerings under brands like Honeywell Home, First Alert, BRK, and Control4.
Resideo’s news flow also includes financial results and outlook updates, where the company reports quarterly net revenue, segment performance for Products & Solutions and ADI, gross margins, and Adjusted EBITDA. These releases may discuss revenue drivers such as demand for new products, performance across retail, OEM, and distribution channels, and contributions from acquisitions. In addition, the company issues announcements about strategic actions, including its stated intention to separate the ADI Global Distribution business into an independent public company and portfolio moves such as the sale of its Grid Services demand response business to EnergyHub.
Corporate and capital markets news items include participation in investor conferences, earnings call schedules, and transactions related to the termination of the Indemnification and Reimbursement Agreement with Honeywell and associated financing arrangements. Visitors to this REZI news page can review these updates in one place, using them to track Resideo’s product introductions, segment trends, strategic transactions, and governance developments over time.
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.
Resideo Technologies (NYSE: REZI) and Baltimore Gas and Electric (BGE) have announced a partnership to expand BGE's Connected Rewards program in Maryland, aiming to balance the grid during peak demand periods and provide energy savings to customers. The program allows customers to reduce overall electricity demand during peak times, receiving financial incentives for enrolling their smart thermostats. Resideo's expertise in energy management and grid reliability will help BGE in maintaining grid stability and achieving cost savings for customers.
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