Record-Breaking Revenue and Growth
Resideo achieved a record high net revenue of $1.94 billion, up 22% year-over-year, and adjusted EBITDA of $210 million, up 20% year-over-year. Both metrics exceeded the high end of their outlook range.
Strong Performance in ADI Segment
ADI reported 33% year-over-year growth in net revenue and 10% organic growth. The segment saw robust demand, especially in commercial security, fire, and professional audio/video product categories.
Successful Product Launches
The launch of new products like the Honeywell Home FocusPRO thermostats and the First Alert SC5 connected smoke and carbon monoxide detectors drove significant demand and retail channel growth.
Gross Margin Expansion
Both P&S and ADI segments reported gross margin expansions, with P&S achieving a gross margin of 42.9% and ADI reaching 22.2%, marking continued operational efficiencies.
Adjusted Earnings Growth
Adjusted earnings per share was $0.66, up from $0.62 in the same period last year, demonstrating strong profitability.
Positive Integration of Snap One
The integration of Snap One is progressing ahead of schedule and has been accretive to Resideo's earnings in its first year of ownership.