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Resideo Announces Full Year and Fourth Quarter 2024 Financial Results and Initiates 2025 Outlook
REZIResideo(REZI) Prnewswire·2025-02-20 21:05

Financial Performance - Resideo Technologies reported full year 2024 net revenue of 6.76billion,anincreaseof86.76 billion, an increase of 8% compared to 6.24 billion in 2023, exceeding the high-end of the outlook range [6][12] - Full year 2024 net income was 116million,or116 million, or 0.61 per fully diluted share, down from 210million,or210 million, or 1.42 per diluted share in 2023 [12][28] - Adjusted EBITDA for 2024 was 693million,up17693 million, up 17% from 590 million in 2023, with an Adjusted EBITDA margin of 10.2% [6][38] Fourth Quarter Highlights - Fourth quarter 2024 net revenue was 1.86billion,a211.86 billion, a 21% increase year-over-year from 1.54 billion in Q4 2023 [6][13] - Fourth quarter net income was 23million,downfrom23 million, down from 82 million in the same quarter of 2023 [13][28] - Adjusted EPS for Q4 2024 was 0.59,comparedto0.59, compared to 0.64 in Q4 2023 [13][32] Segment Performance - Products and Solutions segment generated net revenue of 2,564millionin2024,adecreaseof42,564 million in 2024, a decrease of 4% compared to 2023, but showed slight positive growth when excluding the Genesis divestiture and foreign currency impacts [5][7] - ADI Global Distribution segment delivered net revenue of 4,197 million, an increase of 18% compared to 2023, driven by the inclusion of 553millionfromtheSnapOneacquisition[10][18]MarginandProfitability−Fullyear2024grossmarginwas28.1553 million from the Snap One acquisition [10][18] Margin and Profitability - Full year 2024 gross margin was 28.1%, up 90 basis points from the prior year [12] - Products and Solutions gross margin for Q4 2024 was 40.8%, marking the seventh consecutive quarter of year-over-year improvement [6][12] - Operating profit for 2024 was 520 million, down 5% from 547millionin2023[12][28]CashFlowandLiquidity−Cashprovidedfromoperatingactivitiesfor2024wasarecord547 million in 2023 [12][28] Cash Flow and Liquidity - Cash provided from operating activities for 2024 was a record 444 million, exceeding the previous year's 440million[6][14]−AsofDecember31,2024,Resideohadcashandcashequivalentsof440 million [6][14] - As of December 31, 2024, Resideo had cash and cash equivalents of 692 million and total outstanding debt of 2.02billion[14][29]Outlook−ForQ12025,Resideoexpectsnetrevenueintherangeof2.02 billion [14][29] Outlook - For Q1 2025, Resideo expects net revenue in the range of 1,720 million to 1,770millionandforthefullyear2025,netrevenueisprojectedtobebetween1,770 million and for the full year 2025, net revenue is projected to be between 7,285 million and $7,485 million [15][16]