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Resideo
🇺🇸 NYSE:REZI
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Sep 28, 2024

Resideo Q3 2024 Earnings Report

Reported strong Q3 2024 results with organic sales growth and Adjusted EBITDA exceeding outlook, driven by Products and Solutions and ADI performance.

Key Takeaways

Resideo Technologies reported strong third-quarter results with net revenue of $1.83 billion, up 18% year-over-year. Adjusted EBITDA was $190 million, exceeding the high end of the outlook range. The company saw organic sales growth in both Products and Solutions and ADI, with Products and Solutions gross margin improving to 42.2%.

Net revenue increased by 18% year-over-year.

Products and Solutions achieved a gross margin of 42.2%, marking the sixth consecutive quarter of improvement.

Adjusted EBITDA reached $190 million, surpassing the high end of the outlook range.

Strong demand was observed for the Honeywell Home Focus Pro thermostat portfolio.

Total Revenue
$1.83B
Previous year: $1.55B
+17.6%
EPS
$0.58
Previous year: $0.41
+41.5%
Adjusted EBITDA
$190M
Gross Profit
$524M
Previous year: $417M
+25.7%
Cash and Equivalents
$531M
Previous year: $368M
+44.3%
Free Cash Flow
$125M
Previous year: $35M
+257.1%
Total Assets
$8.14B
Previous year: $6.46B
+25.9%

Resideo

Resideo

Resideo Revenue by Segment

Forward Guidance

The company provided its outlook for the fourth quarter of 2024, expecting net revenue between $1.815 billion and $1.855 billion, Non-GAAP Adjusted EBITDA between $170 million and $185 million, and Non-GAAP Adjusted Earnings per share between $0.51 and $0.61. For the full year 2024, the company expects net revenue between $6.720 billion and $6.760 billion, Non-GAAP Adjusted EBITDA between $672 million and $687 million, and Non-GAAP Adjusted Earnings per share between $2.18 and $2.28. Full Year Cash Provided by Operating Activities At least $375

Positive Outlook

  • Net revenue is projected to be between $1.815B - $1.855B
  • Non-GAAP Adjusted EBITDA is expected to be between $170M - $185M
  • Non-GAAP Adjusted Earnings per share are forecasted to be $0.51 - $0.61
  • Full year net revenue is projected to be between $6.720B - $6.760B
  • Full year Non-GAAP Adjusted EBITDA is expected to be between $672M - $687M

Challenges Ahead

  • The company did not explicitly state any negatives in their forward guidance
  • The company did not explicitly state any negatives in their forward guidance
  • The company did not explicitly state any negatives in their forward guidance
  • The company did not explicitly state any negatives in their forward guidance
  • The company did not explicitly state any negatives in their forward guidance

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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