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Mar 30, 2024
Resideo Q1 2024 Earnings Report
Resideo reported first quarter 2024 financial results, with adjusted EBITDA at the higher end of the outlook range and continued progress on business transformation.
Key Takeaways
Resideo's first quarter 2024 saw a net revenue of $1.49 billion, a 4% decrease compared to the previous year. Net income was $43 million, and adjusted EBITDA reached $137 million, driven by performance within Products and Solutions.
Net revenue decreased by 4% year-over-year to $1.49 billion.
Net income was $43 million, compared to $57 million in the first quarter of 2023.
Products and Solutions gross margin improved to 39.5%, marking the fourth consecutive quarter of year-over-year improvement.
The company continued business transformation efforts, including new product introductions and an agreement to acquire Snap One.
Revenue by Segment
Forward Guidance
The Company’s current second quarter 2024 and full year 2024 outlook includes Net revenue between $1,510 - $1,560 million for Q2 2024 and $6,080 - $6,280 million for the full year. Non-GAAP Adjusted EBITDA is expected to be $130 - $150 million for Q2 2024 and $560 - $640 million for the full year. Non-GAAP Adjusted Earnings per share is expected to be $0.43 - $0.53 for Q2 2024 and $1.90 - $2.30 for the full year. Full Year Cash Provided by Operating Activities is expected to be at least $320 million.
Positive Outlook
- Net revenue is projected between $1,510 - $1,560 million for Q2 2024 and $6,080 - $6,280 million for the full year.
- Non-GAAP Adjusted EBITDA is expected to be $130 - $150 million for Q2 2024 and $560 - $640 million for the full year.
- Non-GAAP Adjusted Earnings per share is expected to be $0.43 - $0.53 for Q2 2024 and $1.90 - $2.30 for the full year.
- Full Year Cash Provided by Operating Activities is expected to be at least $320 million.
- Planned improvements to website speed, on-site search, estimated delivery dates and ADI mobile app are expected to support continued customer digital growth looking forward.
Challenges Ahead
- Market demand remains constrained by higher interest rates and slower housing turnover.
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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