RESIDEO TECHNOLOGIES Reports Profits for Second Quarter of FY2023
August 22, 2023
☀️Earnings Overview
On August 3, 2023, RESIDEO TECHNOLOGIES ($NYSE:REZI) released their financial results for the second quarter of FY2023, ending June 30, 2023. Total revenue for the quarter amounted to USD 1602.0 million, a 5.0% decline from the same period the previous year. Net income was USD 50.0 million, a decrease of 46.8% from the same quarter in the prior year.
Price History
The company’s stock opened at $18.3 and closed at $18.0, down 2.2% from the previous closing price of $18.4. The company reported a strong financial performance for the quarter, exceeding market expectations. The company attributed the growth to its focus on providing innovative technologies and services. RESIDEO TECHNOLOGIES also reported that it had invested heavily in research and development initiatives to create new products and services. This investment was reflected in its profits, as the company continues to expand its portfolio of offerings.
The company is optimistic about the future and believes that its investments will translate into increased market share and increased revenues. It has reaffirmed its commitment to delivering innovative products and services that can help its customers succeed in their respective markets. Investors should be encouraged by the company’s progress and take note of its potential for further growth in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Resideo Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 6.33k | 209 | 3.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Resideo Technologies. More…
| Operations | Investing | Financing |
| 293 | -149 | -31 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Resideo Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 6.54k | 3.86k | 18.13 |
Key Ratios Snapshot
Some of the financial key ratios for Resideo Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 10.1% | 54.2% | 6.5% |
| FCF Margin | ROE | ROA |
| 2.9% | 9.7% | 3.9% |
Analysis
At GoodWhale, we have been analyzing the fundamentals of RESIDEO TECHNOLOGIES. Our analysis has revealed that the company is a medium risk investment in terms of both financial and business aspects. This is based on our Risk Rating system, which takes into account a variety of factors. We have also detected one risk warning in the balance sheet, which registered users can check out. Our goal is to provide investors with the most comprehensive and accurate assessment of a company’s financial standing, so they can make informed decisions about their investments. More…
Peers
George Risk Industries Inc, Oermester Vagyonvedelmi NyRt, and Aedge Group Ltd are all major competitors in the security industry. All four companies offer a wide range of products and services that cater to the needs of both residential and commercial customers.
– George Risk Industries Inc ($OTCPK:RSKIA)
Founded in 1954, George Risk Industries, Inc. is a leading designer and manufacturer of electronic components and assemblies, primarily for the automotive industry. The company’s products are used in a variety of applications, including electronic ignition, engine management, anti-theft, and security systems. George Risk Industries is a publicly traded company with a market capitalization of 49.31M as of 2022. The company has a strong history of profitability, with a return on equity of 7.05%. George Risk Industries is headquartered in Omaha, Nebraska, and has manufacturing facilities in the United States, Mexico, and China.
– Oermester Vagyonvedelmi NyRt ($LTS:0P31)
Oermester Vagyonvedelmi NyRt is a Hungarian company that provides security services. The company has a market cap of 2.55M as of 2022 and a Return on Equity of 15.67%. The company offers a range of security services, including armed security, event security, and VIP protection.
– Aedge Group Ltd ($SGX:XVG)
Aedge Group Ltd is a holding company that operates through its subsidiaries. The company’s businesses include investment holding, property development, and provision of management services. The company has a market cap of 28.09M as of 2022 and a return on equity of -6.22%. The company’s businesses are mainly based in Singapore and China.
Summary
Investors in Resideo Technologies may be concerned with the company’s poor financial performance for Q2 of FY 2023. Total revenue decreased by 5.0% year-over-year to USD 1602.0 million, while net income decreased 46.8% year-over-year to USD 50.0 million. These results reflect a deterioration in the company’s profitability, suggesting that there may be underlying issues with the company’s operations that need to be addressed. Investors should monitor the company’s future financial results as a potential indication of how the company is performing and if the business is likely to turn around.
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