Tag: Jay Geldmacher
Resideo CEO announces retirement
November 8, 2024Ken Showers, Managing Editor
SCOTTSDALE, Ariz. — Resideo Technologies President and CEO Jay Geldmacher has announced his plans to retire in 2025.
During a conference call to discuss the company’s third quarter 2024 financial results, Geldmacher said he plans to remain CEO until a successor is appointed and after that he plans to serve as a senior advisor to ensure a smooth transition.
“It’s been my privilege to lead the company for the last four and a half years,” he said. “I’ve...
Resideo releases 2023 Environmental, Social and Governance (ESG) Report
September 6, 2024SSN Staff
SCOTTSDALE, Ariz. — Resideo Technologies Inc. has released its 2023 Environmental, Social and Governance (ESG) report, detailing its ESG progress, new climate commitments, and continued execution of its ESG strategy.
"After five years as a stand-alone company, we are learning more every day about what is necessary to succeed with our customers and in our key markets," said Jay Geldmacher, President and CEO, Resideo Technologies. "At Resideo, we know sustainability is...
Snap One acquisition completed by Resideo
June 17, 2024SSN Staff
SCOTTSDALE, Ariz. — Resideo Technologies, Inc. announced that it has completed the acquisition of Snap One, a provider of smart-living products, services, and software to professional integrators.
Resideo said it will integrate Snap One into its ADI Global Distribution segment. Together, ADI and Snap One will provide integrators with an increased selection of both third-party products and proprietary offerings through an extensive physical branch footprint augmented by digital capabilities.
The...
‘No stone unturned’ as Resideo seeks value from acquisition
May 8, 2024Ken Showers, Managing Editor
SCOTTSDALE, Ariz. – Resideo Technologies’ recent acquisition of Snap One provided a nice layup for company executives to talk about the impact on the company’s financial performance during a recent conference call.
Resideo President and CEO Jay Geldmacher told investors on the call that Resideo had identified meaningful cost synergies between ADI and Snap One.
“Needless to say, the team is quite excited about the future integration of Snap One into Resideo,...
Resideo acquiring Snap One for $1.4 billion
April 15, 2024SSN Staff
SCOTTSDALE, Ariz., and CHARLOTTE, N.C. – Resideo Technologies has agreed to acquire Snap One Holdings for $10.75 per share in cash, for a transaction value of approximately $1.4 billion, inclusive of net debt.
Upon closing, Snap One will integrate into Resideo's ADI Global Distribution business. “The acquisition of Snap One is an exciting step in Resideo’s continued transformation through portfolio optimization, operational enhancements and structural cost savings actions,”...
Resideo uses 2023 momentum to pivot in 2024
February 14, 2024Ken Showers, Managing Editor
SCOTTSDALE, Ariz. – Resideo Technologies exited 2023 with a strong Q4, and now it's riding that momentum into 2024, making some significant changes to reshape its portfolio and operations.
Among the highlights for the year, Resideo saw revenue of $6.2 billion for 2023, an adjusted EBITDA of $552 million, and $440 million in cash from operations. Its report noted that the company improved business execution in the second half of the year with products and solutions transformation...
Cupid de Locke
February 14, 2024Ken Showers, Managing Editor
It’s Valentine's Day and I’d love to mention that I have a sweetheart of a topic to share this week, but I’m sorry to say it’s left me a little brokenhearted.
Since the beginning of February, I’ve been watching a lot of Q4 2023 reports roll out and while we can still safely call it the year of AI, it’s also the year of the residential security market falling flat on its face. I talked about this a bit in my last blog post where I discussed ADT...
Resideo reveals Q4 and 2023 results release date
January 29, 2024SSN Staff
SCOTTSDALE – Resideo Technologies, Inc., a global provider of home comfort, life safety and security solutions, and distributor of commercial and residential security and audio-visual products, will release its fourth quarter (Q4) and full-year 2023 financial results on Tuesday, Feb. 13, 2024.
A conference call and simultaneous webcast to discuss the results will be held on Tuesday, Feb. 13, at 5:00 p.m. ET. Interested investors and other parties can listen to a webcast of the...
Resideo announces Q3 2023 financial results
November 6, 2023SSN Staff
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...
Resideo completes sale of Genesis Cable business
October 16, 2023SSN Staff
SCOTTSDALE, AZ – Resideo Technologies announced the completion of the previously announced sale of its Genesis Cable business to Southwire Company, LLC for $87.5 million in cash, subject to customary purchase price adjustments.
The after-tax proceeds will be used to support Resideo's capital allocation strategy the company wrote in a release. That includes ongoing organic and inorganic investments and their recently announced share repurchase program.
"The closing of the Genesis...