Electrical products and components manufacturer and distributor Resideo Technologies reported its 2023 second quarter financial results on Aug. 3, showing flat results for its distribution unit — ADI Global Distribution.

ADI — No. 7 on MDM’s Top Electrical Products Distributors list for 2023 — had 2Q revenue of $925 million, up 0.3% year-over-year. The unit’s gross margin of 19.2% was down 80 basis points from a year earlier, while operating profit of $79 million was down 8%.

Resideo, as a whole, posted 2Q revenue of $1.60 billion, up from $1.69 billion in the same quarter of 2022. The gross margin of 27.2% was down 50 basis points from a year earlier, while operating profit of $153 million was down 18%.

“The current demand environment remains challenging as continued rightsizing of channel inventory and slower housing turnover are having impacts across the business,” said Jay Geldmacher, Resideo’s President and CEO. “We delivered sequential revenue growth at both Products & Solutions and ADI in the second quarter but expect market conditions to limit our sales expansion opportunities in the back half of 2023.”