The following is a summary of the Resideo Technologies, Inc. (REZI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Resideo reported Q1 2024 revenue of $1.49 billion, a decrease of 4% from Q1 last year, and down 2% excluding the impact of the divestiture of Genesis Wire business.
Operating income is reported at $128 million and adjusted EBITDA at $137 million, slightly lower than Q1 2023.
Fully diluted earnings per share were $0.29, and $0.47 on an adjusted basis.
The Products & Solutions segment saw a 180 basis point expansion in gross margin and 9% growth in segment adjusted EBITDA year-over-year.
Operating expense reduced by $13 million in the quarter excluding restructuring.
Business Progress:
The company is undertaking transformation efforts including the pending acquisition of Snap One to enhance product capabilities and integration of this acquisition is expected to be profitable to gross margin and adjusted EPS in 2025.
Advanced First Alert smoke alarms are launched as part of the new product introductions and an AI-enabled indoor camera will be available soon.
Expansion in residential construction is anticipated through the acquisition of First Alert.
Increased digital capabilities are targeted within ADI with e-commerce sales reaching 21% and growing ADI's exclusive brand sales by 7% YoY.
The company expects to generate at least $320 million cash from operations in 2024 and anticipates Q2 revenue between $1.51 billion to $1.56 billion.
More details: Resideo Technologies IR
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