Resideo posts record FY2022 revenue $6.37B; cuts ~5% workforce for $70M annual savings

RESIDEO TECHNOLOGIES, INC.

2022-FY EPS reported $1.90 revenue$6,370,000,000

FY2022 revenue $6.37B (+9% YoY); net income $283M ($1.90 EPS) vs $242M ($1.63) prior year.
Q4 revenue $1.56B (+7% YoY); net income $39M ($0.26 EPS) down from $67M ($0.45) in Q4 2021.
Cost reduction actions: ~5% global workforce reduction, $70M annualized savings expected; $35M restructuring charge in Q4 2022.
Products & Solutions revenue $2.78B (+13% YoY); ADI revenue $3.59B (+6% YoY), operating profit up 17%.
2023 guidance: revenue $6.2-6.55B, EPS $1.85-2.15; Q1 revenue $1.52-1.56B, EPS $0.29-0.39.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

RESIDEO TECHNOLOGIES, INC. reported the fourth quarter and full year ended December 31, 2022 results: revenue Record net revenue of $6.37 billion, EPS Fully diluted earnings per share of $1.90.

Period: the fourth quarter and full year ended December 31, 2022
Revenue: Record net revenue of $6.37 billion
EPS: Fully diluted earnings per share of $1.90
Result: reported results

Exact text from the filing

product categories, today announced financial results for the fourth quarter and full year ended December 31, 2022. Full Year 2022 Financial Highlights • Record net revenue of $6.37 billion, up 9% from $5.85 billion in 2021 • Gross profit margin of 27.7%, compared to 27.1% in the prior year • Record income from operations of $611 million, or 9.6% of revenue,

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Source: SEC EDGAR

accession 0001193125-23-040196

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