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Apr 02, 2022
Resideo Q1 2022 Earnings Report
Resideo's first quarter results for 2022 showed revenue growth and increased profitability.
Key Takeaways
Resideo Technologies, Inc. announced a 6% increase in net revenue to $1.51 billion for the first quarter of 2022, compared to $1.42 billion in the first quarter of 2021. The company's operating profit also increased to $172 million, or 11.4% of revenue, compared to $130 million, or 9.2% of revenue, in the same period last year. Fully diluted earnings per share rose to $0.58, up from $0.33 in the first quarter of 2021.
Net revenue reached $1.51 billion, a 6% increase year-over-year.
Gross profit margin improved to 28.8%, up 290 basis points from Q1 2021.
Operating profit increased to $172 million, representing 11.4% of revenue.
Earnings per share rose to $0.58, compared to $0.33 in the prior year.
Revenue by Segment
Forward Guidance
The company expects full year 2022 revenue to be in the range of $6.45 billion to $6.65 billion, gross profit margin in the range of 27.5% to 28.5% and operating profit in the range of $680 million to $720 million. The company expects second quarter 2022 revenue to be in the range of $1.65 billion to $1.70 billion, gross profit margin in the range of 27.0% to 28.0% and operating profit in the range of $165 million to $175 million.
Positive Outlook
- Full year 2022 revenue is expected to be in the range of $6.45 billion to $6.65 billion.
- Full year 2022 gross profit margin is expected to be in the range of 27.5% to 28.5%.
- Full year 2022 operating profit is expected to be in the range of $680 million to $720 million.
- Second quarter 2022 revenue is expected to be in the range of $1.65 billion to $1.70 billion.
- Second quarter 2022 gross profit margin is expected to be in the range of 27.0% to 28.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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