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Apr 03, 2021
Resideo Q1 2021 Earnings Report
Resideo's first quarter results were announced, demonstrating revenue growth and improved profitability.
Key Takeaways
Resideo Technologies reported a strong first quarter with a 20% increase in net revenue to $1.4 billion. The company saw improvements in gross profit margin and operating profit, driven by strong performance in both Products & Solutions and ADI Global Distribution segments. Net income was $49 million, a significant improvement compared to the net loss in the prior year.
Net revenue increased by 20% to $1.4 billion compared to Q1 2020.
Gross profit margin improved by 180 basis points to 25.9%.
Operating profit rose to $130 million, a $96 million increase from the previous year.
Net income was $49 million, a substantial improvement from the $21 million net loss in Q1 2020.
Resideo
Resideo
Resideo Revenue by Segment
Revenue by Segment
Products and Solutions Revenue
CapyFin.comADI Global Distribution Revenue
CapyFin.com Forward Guidance
The company updated its outlook for 2021, expecting full year revenue in the range of $5.5 billion to $5.7 billion, gross profit margin between 26% and 29%, and operating profit between $500 million and $550 million. For the second quarter 2021, revenue is expected to be in the range of $1.40 billion to $1.45 billion, gross profit margin between 25.5% and 27.5%, and operating profit between $115 million and $125 million.
Positive Outlook
- Full year revenue to be in the range of $5.5 billion to $5.7 billion
- Full year gross profit margin in the range of 26% to 29%
- Full year operating profit in the range of $500 million to $550 million
- Second quarter revenue to be in the range of $1.40 billion to $1.45 billion
- Second quarter operating profit in the range of $115 million to $125 million
Challenges Ahead
- Monitoring developments around COVID-19
- Supply chain challenges
- Logistical challenges
- Potential impact of COVID-19 on demand
- Potential impact of COVID-19 on supply chains
Revenue & Expenses
Visualization of income flow from segment revenue to net income