Resideo Revenue Strong, ADI Hindered By Video Surveillance Shortages

By Louis Cid and John Honovich, Published Feb 16, 2022, 09:25am EST (Info+)

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.

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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 ** ****** ******* ****.

************,*** *************** ***** ***********,***** **** & *****, ***** ****** ** *** *******'* ********* ********. ***** ***** * *********:

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*** ********, ***** *** ~** ********* (though **** *** ********** ** ******* distribution ********* *** *** *** **** LinkedIn ********):

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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 *** **** *********.

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