Resideo Technologies, Inc. (NYSE:REZI) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET

Company Participants

Jason Willey - Vice President of Investor Relations

Jay Geldmacher - Chief Executive Officer

Tony Trunzo - Chief Financial Officer

Conference Call Participants

Brett Kearney - Gabelli Funds

Operator

Ladies and gentlemen, at this time I would like to welcome everyone to the Resideo Technologies Second Quarter 2023 Earnings Conference Call. Today’s call is being recorded. All participants will be in a listen-only mode until the formal question and answer portion of the call. [Operator Instructions]. Thank you.

It is now my pleasure to turn today’s call over to Mr. Jason Willey, Vice President of Investor Relations. Mr. Willey, you may now begin.

Jason Willey

Good afternoon, everyone, and thank you for joining us for Resideo’s second quarter 2023 earnings call. On today’s call will be Jay Geldmacher, Resideo’s Chief Executive Officer; and Tony Trunzo, our Chief Financial Officer. A copy of our earnings release and related presentation materials are available on the Investor Relations page of our website at investors.resideo.com.

We would like to remind you that this afternoon’s presentation contains forward-looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo’s filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings.

With that, I will turn the call over to Jay.

Jay Geldmacher

Thank you, Jason, and good afternoon, everyone. We reported Q2 revenue and operating profit within our original range despite the ongoing challenging residential market. We continue to make progress on an important long-term value drivers, and our pace of new product introductions is accelerating.

In the first half of this year, we introduced new products enhancing our video capabilities in security, expanding our connected water leak portfolio and growing our presence in the European heat pump market. We are continuing to reduce our cost structure and have further actions identified for the second half of 2023 that combined with our Q4 2022 program are expected to generate at least $115 million of annualized savings. Cash flow improves substantially in Q2 and we expect continued improvements as 2023 progresses.