NYSE$REZI
Resideo Technologies Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Resideo reported first quarter 2024 financial results, with adjusted EBITDA at the higher end of the outlook range and continued progress on business transformation.
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.
Headline financials
Revenue & EPS history
Resideo · Revenue · Quarterly
$1.49B
Revenue by segment
Resideo · $1.55B total across 2 segments · Q3 2023
- ADI Global Distribution$900M-1.2%57.9%
- Products and Solutions$654M-7.5%42.1%
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.
Tailwinds
- 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.
Headwinds
- Market demand remains constrained by higher interest rates and slower housing turnover.
- ADI had volume declines in several categories including residential security, access control and video.
- Gross margin for ADI was down 120 basis points compared to first quarter of 2023, driven by reduced inflationary pricing benefits and lower product line margin.
- Operating profit of ADI for first quarter 2024 decreased 23% from $64 million in first quarter 2023.
- Lower revenue and reduced gross margin drove the year-over-year decline in profitability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+2.6%
Avg return
Earnings day
+1.5%
Avg return
5 days after
+3.8%
Avg return
30 days after
62%
23 / 37 earnings
Positive
+63.4%
Q3 2020
Best reaction
-33.0%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.7% | -24.5% | -17.0% | |
| Q4 2025 | +14.9% | +7.2% | -6.7% | |
| Q3 2025 | -1.0% | +1.6% | +8.0% | |
| Q1 2025 | +8.8% | +21.0% | +21.1% | |
| Q4 2024 | -9.2% | -10.8% | -16.6% | |
| Q3 2024 | +9.6% | +14.0% | +24.5% | |
| Q2 2024 | -0.4% | -2.0% | -3.0% | |
| Q1 2024 | +6.2% | +8.0% | +12.0% | |
| Q4 2023 | +18.4% | +24.8% | +27.1% | |
| Q3 2023 | +7.3% | +11.2% | +16.1% | |
| Q2 2023 | -16.8% | -14.4% | -6.9% | |
| Q1 2023 | -7.1% | -5.5% | -1.8% | |
| Q4 2022 | +2.4% | +3.8% | -11.8% | |
| Q3 2022 | -33.0% | -31.9% | -32.6% | |
| Q2 2022 | +0.4% | -2.4% | -8.1% | |
| Q1 2022 | +11.5% | +4.9% | +3.0% | |
| Q4 2021 | +9.8% | +3.7% | +8.7% | |
| Q3 2021 | -3.3% | -0.6% | -3.0% | |
| Q2 2021 | +4.6% | +0.0% | +4.6% | |
| Q1 2021 | +2.4% | -4.4% | +7.5% | |
| Q4 2020 | -17.1% | -10.9% | +1.7% | |
| Q3 2020 | +63.4% | +62.9% | +76.1% | |
| Q2 2020 | +19.9% | +19.4% | +19.0% | |
| Q1 2020 | +9.1% | +21.1% | +89.9% | |
| Q4 2019 | +15.5% | +14.6% | -39.1% | |
| Q3 2019 | -6.8% | -14.0% | +2.5% | |
| Q2 2019 | -1.4% | -10.0% | -17.3% | |
| Q1 2018 | -1.0% | -1.7% | -11.2% | |
| Q1 2019 | -1.0% | -1.7% | -11.2% | |
| Q2 2017 | +2.9% | -1.2% | +3.5% | |
| Q1 2017 | +2.9% | -1.2% | +3.5% | |
| Q4 2016 | +2.9% | -1.2% | +3.5% | |
| Q2 2018 | +2.9% | -1.2% | +3.5% | |
| Q4 2018 | -20.1% | -17.9% | -19.2% | |
| Q3 2017 | +0.6% | -1.6% | +3.5% | |
| Q3 2018 | +0.6% | -1.6% | +3.5% | |
| Q4 2017 | +0.6% | -1.6% | +3.5% |
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