The following is a summary of the Resideo Technologies, Inc. (REZI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Resideo Technologies reported Q3 2024 revenue of $1.83 billion, up 18% year-over-year and 4% organically.

• Gross margin expanded by approximately 200 basis points year-over-year, driven by contributions from both the Products and Solutions and ADI business segments.

• Adjusted EBITDA was $190 million, up 29% year-over-year, with profitability above the anticipated range.

• Third quarter fully diluted adjusted earnings per share was $0.58, compared to $0.55 in the previous year.

Business Progress:

• Both the Products and Solutions and ADI segments achieved mid-single-digit year-over-year organic revenue growth.

• Successful integration of Snap One with ADI ahead, anticipating $75 million annual run rate synergies by 2026 and $12 million in 2024.

• Launched new products including the Honeywell Home Focus Pro series of thermostats and updates to the VISTA product line targeting residential and SMB markets.

Opportunities:

• Positive indicators in the market such as improving interest rates and an uptick in new home sales in the U.S. are expected to drive future growth.

• Continued expansion into the ProAV and Datacom sectors, highlighting potential in commercial categories.

Risks:

• Persisting softness in existing home sales in the U.S. and weakness in the EMEA market pose challenges.

• Competitive pricing and diminished inflationary benefits are impacting profitability, particularly in the ADI segment.

More details: Resideo Technologies IR

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