Resideo Technology’s Sales Increase by 44% in 2Q - Modern Distribution Management

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Resideo Technology’s Sales Increase by 44% in 2Q

Resideo’s net income for the second quarter was $58 million compared to a net loss of $76 million in the second quarter a year ago.  
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Resideo Technologies Inc. (NYSE:REZI), Austin, Texas, announced its second-quarter net sales were up 44% from the same quarter a year ago to $1.5 billion. Resideo Technologies’ net income for the second quarter was $58 million compared to a net loss of $76 million, in the second quarter a year ago.

ADI Global Distribution’s operating profit increased to $66 million in the second quarter from $31 million in the same quarter a year ago.

“The second quarter was another period of strong market demand and solid execution for Resideo,” commented Jay Geldmacher, Resideo’s president and CEO. “We experienced positive tailwinds across the residential and commercial markets we serve. The strong demand was accompanied by a continuation of the challenging global logistics and supply chain environments. Our team is focused on aggressively managing these dynamics to ensure Resideo remains well positioned to meet the needs of current and new customers.”

For the current quarter ending in October, Resideo Technologies said it expects revenue in the range of $1.5 billion to $1.55 billion.

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