ADI Sales Down 21% in April

By John Honovich, Published May 14, 2020, 08:51am EDT (Info+)

ADI sales were down 21% in April, the company disclosed, as the pandemic hits the security industry.

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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 ******:

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******* ********* *** ****** ***** "*** to ******** ******* **** *** ******** mix *** ********** ***********".

** *** **** ***** *** *** Honeywell ***** ******** **** ** *******, with ******* ******** **% *** ******* by **** **** * *****:

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***, ** *****, ****** *** *****, with***'* *** **********:

*** *****, ***** ******* ***** **** down **% **** *** **** **% and *&* **** **%. ***** ******* include *** ****** ** *****-** *** other ******* *** ***** **** ******* components. ** *** ******* ***** **, we ****** ******* ** *******, *** we ****** ********** *** *** ****** will ******. ** **** ********* ******* of ********** *** *********** ******* **** flat ** *** ******** ** *** customers ********** ********** ***** ******* **** projects.

21% ******* - ******

*** **% ******* ********** ~$** ******* drop ** ***** *** ***** **** relative ** ***'* ******* *** **** in *** $*** - $*** ******* range.

*** *** ***** ** $* ******* in ******* **** ****, ************** **** North *******:

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*** ***** ******** ****** *** ****** residential *** ********** ** **** ** some */* *********. ** ***** ****** residential ** ** *** ********** *** hardest *** ********** ********** *** ***** as ***** ********* ******* **** *********** work **** **********.

Security ******** *********

**** **% *** ***** ** ******* what ** ***** ******** **** *** security ********. *** ** ** *** that ** **** *****, ** **********, they **** ***** *** ******. ********* historically ******* ****** **** *** ****** (like ********, ****, *** ******) ****** did ****** **** -**% *** ****** companies ****** *** *****.

***** ******* *****, *** *** *** generally. ********* ******* ******* ***** ***** ****** ***** were * ****** **** *** *****. While *** **** *** ***** ****** pandacam ******** *****, ****** ***** *** a **** ***** ** ****.

Fever *******

**** **** ********* ******* ******** ********, ADI ** *** *** ***** *******. This ** ***'* **** **** *****:

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***** ********* *** ******* (*****, ********* plus ****** *********** **** *** ********) but ** ** ******* ** ~$**,***, a ********** *** ****** ** ***** will ***** **** * ******** ****** for ***:

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******, ** ***-*****, *** ******* **** listed * *-*** '***** ******':

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*******, ******* *****, *** ********* **** decided *** ** ***** *** * 'fever ******'. ** ***** **** ** a ***** ****. ********* **** ******* carry **** ********* *** ******* **** under **** *** ***** ****** ******* more.

***********, **** ** *** **** / re-sold *,*** ***** * ***** ** ~$10,000 **** **** ***** ** $** million *******, ***** ***** ******** **** that ******* ******* *******. *** ** ADI ****** *** ********** ** *** fever ****** ****, **** ***** ********** their ******, *** ***.

Recovery ******

** ****** ***, **** *** ******** industry ********* ** ******* **** ****. Almost ********* *** **** ** ************* better **** ***** *** *** ***, and *** ****** ** * ***** progresses, ******* ************* ** *** ******* economy.

Vote / ****

Comments (2)

Undisclosed Manufacturer #1

05/14/20 12:57pm

Well, that's bad, but not as bad as I'd feared.

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Undisclosed Manufacturer #2

05/28/20 11:24pm

John, I would keep digging on this, there's a lot more to it.

The distribution model seems to be under tremendous cash flow problems right now. For example, over a month ago ScanSource sent a letter telling vendors they were extending their payment terms from 30 days to 60 days.

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