Resideo Technologies, Inc. (REZI) Misses Q4 EPS by 22c, Revenues Beat; Offers FY21 Revenues Outlook

Resideo Technologies, Inc. (NYSE: REZI) reported Q4 EPS of $0.44, $0.22 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.45 billion.

Fourth Quarter 2020 Highlights

• Net revenue of $1.5 billion, up 15% from $1.3 billion in the prior year
• Operating profit of $152 million, compared to operating profit of $72 million in the prior year
• Net income of $59 million, compared to a net loss of $9 million in the prior year
• Adjusted EBITDA1 (Non-GAAP) of $212 million, compared to Adjusted EBITDA1 (Non-GAAP) of $139 million in the prior year
• Cash provided by operating activities of $152 million, compared to cash provided by operating activities of $93 million in the prior year

"We closed 2020 with strong performance across Products & Solutions and ADI, producing results that highlight the profit and cash generation potential of Resideo," commented Jay Geldmacher, Resideo's President and CEO. "Demand remained robust across residential markets as interest in home investment and professional security solutions remains elevated. ADI built upon its long track record of execution, delivering growth ahead of the overall low-voltage security distribution market for the quarter and full year."

"I am proud of how the Resideo team responded to the challenges brought on by COVID-19 and the meaningful organizational changes we undertook over the past year. We continue to execute on our transformation initiatives, both in rightsizing our cost structure and in building a product innovation engine that will enable Resideo to continue to be a leader in its markets. As we look to 2021, we see solid demand trends and we plan to accelerate targeted investments to ensure Resideo is well positioned for long-term growth and profitability expansion."

GUIDANCE:

Resideo Technologies, Inc. sees FY2021 revenue of $5.2-5.4 billion, versus the consensus of $5.32 billion.

For earnings history and earnings-related data on Resideo Technologies, Inc. (REZI) click here.

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