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Wednesday, December 2, 2020

Resideo Technologies [NYSE: REZI] Reports Third Quarter Financial Results

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Resideo Technologies, Inc. [NYSE: REZI] has shared the financial and operating results for the third quarter ended September 26, 2020. It has reported net revenue of $1.4 billion as compared to the $1.2 billion revenue in the third quarter of 2019.

The Security & Protection Services Company has announced that it has experienced an increase of 11%. REZI revealed that its Operating Profit was $131 million in contrast to the $59 million Operating Profit in the third quarter of 2019.

Furthermore, its net income for the third quarter ended September 26, 2020, was $75 million as compared to the net income of $8 million in the third quarter.

The company has shared that the net cash provided by operating activities of $21 million for the third quarter of 2020. The company has experienced an increase because of the improvement in net income and an increase in accrued liabilities.

Resideo Technologies, Inc. [NYSE: REZI] shares soared 32.07% at $14.99 at the time of writing on Thursday. It has recorded a trading volume of 1.09 million as compared to the average volume of 639.46K.

Looking at its liquidity, it has a current ratio of 1.10 and a quick ratio of 0.70. The company has a 52-weeks low and high range of $3.72 and $14.90. This company has a total market cap of 1.44 billion at the time of writing.

Resideo Technologies has reported the Adjusted EBITDA of $188 million for the third quarter of 2020. It showed an increase of 65% as compared to the $114 million in 2019.

Its Gross Profit Margin was 27.2% for the third quarter of 2020 as compared to 25.2% in 2019. Resideo projected that the fourth quarter 2020 revenue will be in the range of $1.36 billion to $1.41 billion.

Its operating profit will be in the range of $130 million to $140 million. Lastly, Adjusted EBITDA will be in the range of $180 million to $190 million.

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