Resideo Technologies, Inc. reported a net revenue of $6.76 billion for the fiscal year ending December 31, 2024, marking an 8.3% increase from $6.24 billion in 2023. The company's gross profit rose to $1.90 billion, with a gross profit margin of 28.1%, up from 27.2% in the previous year. However, income from operations decreased to $520 million, or 7.7% of revenue, compared to $547 million, or 8.8% of revenue in 2023. The fully diluted earnings per share fell to $0.61, down from $1.42 in the prior year, reflecting a significant decline in net income, which dropped 44.8% to $116 million.
The financial performance was influenced by several factors, including the acquisition of Snap One, which contributed approximately $553 million to revenue. This acquisition, completed in June 2024, was part of Resideo's strategy to enhance its distribution capabilities in the smart-living products sector. The company also divested its Genesis Cable business in October 2023, which resulted in a $105 million reduction in sales. Additionally, unfavorable foreign currency fluctuations impacted revenue by $6 million.
Operationally, Resideo's Products and Solutions segment experienced a revenue decline of 4% to $2.56 billion, primarily due to the Genesis divestiture and lower sales volumes. In contrast, the ADI Global Distribution segment saw a 17.6% increase in revenue to $4.20 billion, driven by the Snap One acquisition and higher sales volumes. The company reported a total employee headcount of approximately 14,600 as of December 31, 2024, with a significant portion based in the U.S. and Mexico.
Looking ahead, Resideo anticipates a mixed global macroeconomic environment for 2025, projecting low-to-mid single-digit revenue growth. The company expects that while U.S. residential home building is stabilizing, high mortgage rates and persistent inflation may continue to affect consumer spending and overall market conditions. Resideo's management remains focused on executing its strategic initiatives, including further integration of Snap One and optimizing operational efficiencies to enhance profitability.
About RESIDEO TECHNOLOGIES, INC.
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