Resideo Technologies reported second-quarter revenue of $1.98 billion, beating analyst estimates by 2.3%, but slashed its full-year revenue guidance to $2.93 billion at the midpoint from $7.85 billion, a 62.7% decrease. Adjusted earnings per share of $0.83 exceeded consensus by 23%, while adjusted EBITDA of $181 million missed estimates by 12.6%. CEO Thomas Surran attributed the lower outlook to continued softness in the residential market and a pronounced decline in expected revenue from a major OEM security customer, which is expected to reduce second-half revenue by $40 million to $50 million. The company also cited ongoing inflationary pressures on input costs such as semiconductors, metals, and printed circuit boards, and expects these costs to persist in the second half of the year.
Resideo Technologies IncFull-year revenue guidance cut 62.7% due to soft residential market and major OEM customer revenue decline.
