Resideo Revenue Strong, ADI Hindered By Video Surveillance Shortages
Resideo's full year 2021 revenue was strong but Q4 revenue was hurt in both sides of the business (Honeywell Home and ADI) due to shortages of products and components.
Full ****
*** **** ****-**** ******* ******* **** strong, *********:
- *** ******* ** $*.* *******, ** 15% **** $*.* ******* ** ****
- ***** ****** ****** ** **.*%, ** approximately ** ***** ****** ******** ** gross ****** ****** ** **.*% ** the ***** ****
- ********* ****** ** $*** *******, ** 9.6% ** *******, ** ******** ** 80% **** $*** *******, ** *.*% of *******, ** ****
Q4 ******* ******
*******, ******** ** *** **** ****, Q4 ******* **** ******* *****:
- *** ******* ** $*.** *******, **** 3% **** $*.** ******* ** *** fourth ******* ****
- ***** ****** ****** ** **.*%, **** approximately *** ***** ****** ******** ** gross ****** ****** ** **.*% ** the ***** **** ********** ******
- ********* ****** ** $*** *******, ** 9.7% ** *******, ******** ** $*** million, ** **.*% ** *******, ** the ****** ******* ****
*********
********* ******** **** ***** ** *** business. ** *** ******** / ********* Home ****,**** *********:
******** *** ********* ****** ******* ******* of $*** ******* ***down *% year-over-year and was essentially flat sequentially. Revenue was negatively impacted by the ongoing ******** ** ************* **********. Products and Solutions gross profit margin in Q4 was 37.9% compared to 41.9% in the fourth quarter of 2020. The decline in gross margin was due to the deleveraging effect of lower volumes as well as material ***** ********* *** ****** ******* ***** [emphasis added]
** *** *** ****, ***** ************ shortages **** ******:
*** *******, *** ****** **** ** an ***** ** *** ****** **** of *** ****, *** **'* ****** centered ****** ***video ************ **** ** ***** ********. There's – the manufacturers there that supply us are having some challenges with their supply chains. And there was a significant amount of revenue that we didn't realize in both businesses in Q4, simply because we couldn't, we ******'* **** *******. [emphasis added]
******* *** *** **** ******** ***** surveillance *********. **** ** **** ********* one *********** ** **** ** **** are * ***** ************ *** *** and**** ******* ********* *** ************ ****. *******, *** ***** ***** *********** amounts ** ***** *** *********, ***** we **** *** ***** ** *********** shortages.
ADI ******
*** *** **** **** *** **** well (*** * ******, ***** *******):
- ****** ******* ** $*.* *******, ** 15% ******** ** ****
- ********* ****** ** $*** *******, ** 38% ******** ** ****
- *-******** ***** ****** ** **%, ********** for **% ** *** ***** *****
- ********* *********** *** *********** ** ******* Wire & ***** *** ********* ************
*******, ** ****** ******, ******** ** product ********* *** **** ****** ****** comparables (*.*., ** **** *** **** impacted ** ********* **** ******* ** 2020):
*** ****** **** ****** **** ****** quarter **** ******* ** *% ** a ***** ***** ******* ***** *** flat ** * ******** ***** ******** with ****, ********** **** ***** ******* days ** ****** ******* ****.
************,*** *************** ***** ***********,***** **** & *****, ***** ****** ** *** *******'* ********* ********. ***** ***** * *********:
*** ********, ***** *** ~** ********* (though **** *** ********** ** ******* distribution ********* *** *** *** **** LinkedIn ********):
Private ********* ** ***
******* ******** (*.*., *-*** ******** ********** *******) ** ******* *** ***, ** the ******* *********:
*** **** ********* ** **** ******** and ********* *** ******* ****** ***** which **** ** **** **% ****-****-**** in *** *******. *** ***** ****** margin ** *** ****** ******* *** 19.1%, ** **** **.*% **** ****. The ****** ***** ****** *** * result ** ******** ******* **** ****** as *** ******** **** ********** ** tools ** ******* ******* *********** *** increased ******* ****** ************
***** **** ***, ** * *****, was **** *** **, *** ******* labeling *** ** **%, **** ********* that ******* ******** ** ******* ***** against ***'* ******* ********.
** ******** **** ******* ******** ** sub **% ** ***'* ***** ******* as,** ****, ******* ************* ******** **:
* ********** ***** **** ** ***'* mix *** ** ********** ****-**** ***********
** *********** ********* ***** ****** ****** but ** ***** ******** ************* *** issues **** **** ** **** ** upsetting *** ******* ******** (****** ***** ADI's ****** *****, **** ** **** of * ********* ******* *** *******, as **** ******** **** ** **** in ***).
Outlook *********
** ****** ** *** ******* ********* have ** ********** ****** ** ********* results ***** ********* *** *** ********* Q4 **** *** *** *** *********** future *** **** *********.