Resideo Announces Full Year and Fourth Quarter 2024 Financial Results and Initiates 2025 Outlook

Financial Performance - Resideo Technologies reported full year 2024 net revenue of $6.76 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 $116 million, or $0.61 per fully diluted share, down from $210 million, or $1.42 per diluted share in 2023 [12][28] - Adjusted EBITDA for 2024 was $693 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 $1.86 billion, a 21% increase year-over-year from $1.54 billion in Q4 2023 [6][13] - Fourth quarter net income was $23 million, down from $82 million in the same quarter of 2023 [13][28] - Adjusted EPS for Q4 2024 was $0.59, compared to $0.64 in Q4 2023 [13][32] Segment Performance - Products and Solutions segment generated net revenue of $2,564 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 $553 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 $547 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 $440 million [6][14] - As of December 31, 2024, Resideo had cash and cash equivalents of $692 million and total outstanding debt of $2.02 billion [14][29] Outlook - For Q1 2025, Resideo expects net revenue in the range of $1,720 million to $1,770 million and for the full year 2025, net revenue is projected to be between $7,285 million and $7,485 million [15][16]