Resideo announces Q3 2023 financial results

SCOTTSDALE, AZ – Resideo Technologies has produced its financial results for the third quarter ended Sept. 30, 2023.

Highlights from the quarter include a net revenue of $1.55 billion compared to $1.62 billion in the third quarter 2022, and income from operations of $109 million, including restructuring charges of $38 million, compared to $155 million in the third quarter 2022. A fully diluted GAAP EPS of $0.14 and non-GAAP EPS of $0.41 compared to GAAP EPS of $0.42 and non-GAAP EPS of $0.48 in the third quarter 2022, and cash provided by operating activities of $60 million, up from $37 million in the third quarter 2022.

"We experienced more stable end market conditions and order activity within Products and Solutions in the third quarter, driving revenue and profitability, excluding restructuring, above the midpoint of our outlook," said Resideo's President and CEO, Jay Geldmacher. "While volumes remain a headwind, we again drove year-over-year improvement in Products and Solutions gross margin through a focus on input cost reductions and benefits from labor cost management."

He continued, "We executed on a number of important strategic initiatives during the quarter, including reaching an agreement to sell our non-strategic Genesis Cable business at an attractive multiple, actioning additional structural cost reductions across the organization, deepening our relationship within the insurance channel, and opening our new Dallas, Texas, distribution super center supporting ADI. We continue to actively work on opportunities to optimize our portfolio and operational footprint, which in conjunction with the restructuring undertaken over the past 12 months creates significant opportunity for future profitability expansion. Despite a challenging market environment, I am confident that we are taking the necessary steps to position the business for profitable growth and we remain focused on executing against our strategic priorities."

Resideo is also slated to participate in a number of upcoming investor conferences this month, including the Baird Global Industrial Conference on Nov. 7, 2023, NYSE Industrial Access Day (virtually) on Nov. 15, 2023, and the BofA Securities Leveraged Finance Conference on Nov. 28, 2023.

You can find the full financial results online at investor.resideo.com.