Today, Resideo Technologies, Inc. has released its 10-K report, resulting in a 23.5% movement in its shares, now trading at $21.09.
Resideo Technologies, Inc. is a global manufacturer and distributor of technology-driven products and solutions for comfort, security, and energy management in commercial and residential markets. The company operates through two segments: Products and Solutions and ADI Global Distribution. The Products and Solutions segment offers a wide range of products under various brands, while the ADI Global Distribution segment distributes security, fire, access control, and video products, along with other related low-voltage products.
In its annual report, Resideo Technologies reported a net revenue of $6.24 billion in 2023, down 2% from $6.37 billion in 2022. The gross profit margin was 27.2%, compared to 27.7% in the prior year. The company reported an income from operations of $547 million, or 8.8% of revenue, compared to $611 million, or 9.6% of revenue in 2022. The fully diluted earnings per share were $1.42, down from $1.90 per share in the same period last year. Cash flow from operations was $440 million in 2023, compared to $152 million in 2022.
Resideo Technologies highlighted that ongoing uncertainty and volatility in the global macroeconomic conditions have affected and could continue to affect its visibility toward future performance. The company also outlined its expectations for key macro trends expected to impact its business in 2024, including flat to low single-digit year-over-year revenue outlook.
Some recent developments include acquisitions, a share repurchase program, and the sale of a business segment for $86 million. The company also announced a restructuring program to align its cost structure with market conditions.
For more information, read the company's full 10-K submission here.
