Record-Breaking Financial Performance
Resideo achieved record highs in net revenue, adjusted EBITDA, and adjusted EPS, all exceeding the high end of the outlook range. Net revenue was $1.94 billion, up 22% year-over-year, with organic growth of 8%.
Strong Segment Growth
ADI reported 33% year-over-year growth in net revenue and 10% organic growth. Products & Solutions reported net revenue growth of 6% year-over-year and 5% organic growth.
Margin Expansion
Gross margin expanded to 29.3%, up 120 basis points year-over-year, driven by ADI's margin-accretive activities and P&S's structural operating efficiencies.
Successful Integration of Snap One
The integration of Snap One is progressing well and ahead of schedule, contributing positively to Resideo's performance and exceeding synergy goals.
Raised 2025 Outlook
Resideo raised its 2025 outlook for net revenue to be between $7.45 billion and $7.55 billion, adjusted EBITDA between $845 million and $885 million, and EPS between $2.75 and $2.87.
Termination of Honeywell Indemnification Agreement
An agreement with Honeywell to eliminate future monetary obligations related to the indemnification agreement is expected to create significant value.