ADI Challenges In Security And Video Surveillance Sales
Just last week, Wesco missed on revenue and slashed guidance. Now, ADI, months after acquiring Snap One, has reported challenges in its security and surveillance businesses.
Previously, IPVM covered Resideo ADI Acquires Snap One (AV) - Two Mega But Struggling Companies Combine, Resideo (ADI) Stock Pops 20%, Financials Analyzed, and/ ADI Financial Problems And The Case For Breaking Up Resideo Analyzed
In comparison with Wesco/Anixter, see Wesco Misses, Slashes Guidance, Stock Declines (Q2 2024), and Wesco "Unacceptable" Results And Security Market Contraction Analyzed
Executive *******
**** *****/*******, *** **** *** ******** distribution ****** ** "****" *** ******* it ** "*********" ** *** ****** half ** ****. ************, **** ***** headwinds ** ***** ************.
*** ********** *** ********* **** *** boosted *** ***** ****** *** ***** more ********* ******** ** *** *********. While *** **** *** **** *** product ****** **** **** **** *** security ***** ** *** ****** **** of ****, ** *** *** ******* on *** ** ******* *********** ******** demand ** ****** *** ***** ***********. IPVM **** ******* * ****** ** ADI's ******** **** **** ***.
Security ****** ***** ******* ** ****
***** *****'********* ****** *** **** ** ****** digits ** ** ****, *** ***** *** ***** **** to **** ******** ******* *** **** it *** ****** ** ********** ****, residential *********, *******, *** ************ *****/****** offerings *** ******** ** ***** ************ and *********** *****/****** *********:
**** * ******** ***********, ** *** improved ****** ****** **** ** *** key ******* *****, ********* ****-****-**** ****** in ********** ****, *********** *********, *******, and ************ *****-******. ********** **** ****headwinds ** *** ***** ************ and residential audio-visual markets. [Emphasis added]
Security ***** "********* ******" *** ****** "****"
********** *****'* ********* ******* ******** ****** ** ***** ******* "contraction," ******* **** **** ***** **** "continued ****** ******** ****** *****" ****** its **** ****** ******** ****.
*********** ***'* ***** *********** ** ****** sales *** * **** ******, ******* said ** ******* *** ******** ****** condition ** "*********" ** *** ********* of *** ****:
*** ******* *** * ****** *** soft, *** ** ****** *** ******** to ***** ** ********* ** ** go ******* *** ****.
*******'* ***, *** **********, **** ******* more ************ ******* ** *** **** earnings ****, ****** **** ***** **** be **** "*********" ** *** ****** half ** **** *** ******* ********** to ******* ******* ** ****:
*** ******* *** *** *** **** half ** *** **** ** **** that ** **** ***** *** ***** some ********* *** *****. *** *’* excited ***** *** ****** ** ** finish ** ‘** **** ‘**.
Hikvision *********
**** ****, **** ************ ********* *** *** * **** order **** ***. *** *** ********* ** ****** Hikvision ******* ************** ***** **** *** ******* ***** and *********, *** ******* ** ****,*** *** ********* *** ******* **** being "******** ********".
** ***** ******* **********, **** **** not **** ************ ******** ********, ****** we ******* **** *** ********** *** broader ***** **** ****** ***** *** Hikvision ***** ********.
ADI ** **** ***** ******** ** *%
*********** ** *** * "******" ****** and ***** ******* *** ********, ***'* overall ***** **** **** *% ** Q2 ****, ***** *** ** *** top ***********, *****, *** **** *.*%:
*** ** ******* *** $*** *******. Excluding *** $** ******* ** **** One ******* ************,revenue *** **** *% ****** *** ***** ****.
Better ** **** ********* ****** **** *****
******* *** *******, ******* **** ***'* sales ****** ******** ** *** ******* progressed, ************ ** *** **** *** weeks ** *** *******, *** **** it ** "******* ** ******** ******** in *** ****** **** ** ****."
************, *** ** ********** * *% to *% ******, ****** *********'* ******* ******** ** * *.*% to *.*% *******.
Resideo ***** ********
*******'* ***** ******* *** ********* ********* since *** ******* ** ******** ***** the ****** ******. *******, ** *** down ~*.*% ***** *** *******:
