ADI Sales Down 21% in April
ADI sales were down 21% in April, the company disclosed, as the pandemic hits the security industry.
Inside this note, we examine:
- ADI Sales in Q1 2020 vs April (Q2)
- What the drop signals about the security industry
- How ADI is doing much better than the other half of Resideo (Honeywell Homes)
- What ADI is doing to drive sales, notably fever cameras
ADI ***** **** ********
***** *** **** ******* ** *% in ** ****, ******* **** **% in *****. *** ***** ***** (**** *** ******** ****) ********* **, ******* **** ** profit ******:
******* ********* *** ****** ***** "*** to ******** ******* **** *** ******** mix *** ********** ***********".
** *** **** ***** *** *** Honeywell ***** ******** **** ** *******, with ******* ******** **% *** ******* by **** **** * *****:
***, ** *****, ****** *** *****, with***'* *** **********:
*** *****, ***** ******* ***** **** down **% **** *** **** **% and *&* **** **%. ***** ******* include *** ****** ** *****-** *** other ******* *** ***** **** ******* components. ** *** ******* ***** **, we ****** ******* ** *******, *** we ****** ********** *** *** ****** will ******. ** **** ********* ******* of ********** *** *********** ******* **** flat ** *** ******** ** *** customers ********** ********** ***** ******* **** projects.
21% ******* - ******
*** **% ******* ********** ~$** ******* drop ** ***** *** ***** **** relative ** ***'* ******* *** **** in *** $*** - $*** ******* range.
*** *** ***** ** $* ******* in ******* **** ****, ************** **** North *******:
*** ***** ******** ****** *** ****** residential *** ********** ** **** ** some */* *********. ** ***** ****** residential ** ** *** ********** *** hardest *** ********** ********** *** ***** as ***** ********* ******* **** *********** work **** **********.
Security ******** *********
**** **% *** ***** ** ******* what ** ***** ******** **** *** security ********. *** ** ** *** that ** **** *****, ** **********, they **** ***** *** ******. ********* historically ******* ****** **** *** ****** (like ********, ****, *** ******) ****** did ****** **** -**% *** ****** companies ****** *** *****.
***** ******* *****, *** *** *** generally. ********* ******* ******* ***** ***** ****** ***** were * ****** **** *** *****. While *** **** *** ***** ****** pandacam ******** *****, ****** ***** *** a **** ***** ** ****.
Fever *******
**** **** ********* ******* ******** ********, ADI ** *** *** ***** *******. This ** ***'* **** **** *****:
***** ********* *** ******* (*****, ********* plus ****** *********** **** *** ********) but ** ** ******* ** ~$**,***, a ********** *** ****** ** ***** will ***** **** * ******** ****** for ***:
******, ** ***-*****, *** ******* **** listed * *-*** '***** ******':
*******, ******* *****, *** ********* **** decided *** ** ***** *** * 'fever ******'. ** ***** **** ** a ***** ****. ********* **** ******* carry **** ********* *** ******* **** under **** *** ***** ****** ******* more.
***********, **** ** *** **** / re-sold *,*** ***** * ***** ** ~$10,000 **** **** ***** ** $** million *******, ***** ***** ******** **** that ******* ******* *******. *** ** ADI ****** *** ********** ** *** fever ****** ****, **** ***** ********** their ******, *** ***.
Recovery ******
** ****** ***, **** *** ******** industry ********* ** ******* **** ****. Almost ********* *** **** ** ************* better **** ***** *** *** ***, and *** ****** ** * ***** progresses, ******* ************* ** *** ******* economy.
Vote / ****
****, * ***** **** ******* ** this, *****'* * *** **** ** it.
*** ************ ***** ***** ** ** under ********** **** **** ******** ***** now. *** *******, **** * ***** ago ********** **** * ****** ******* vendors **** **** ********* ***** ******* terms **** ** **** ** ** days.
****, ****'* ***, *** *** ** bad ** *'* ******.