Resideo Technologies, Inc. (NYSE:REZI) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET
Company Participants
Jason Willey - Vice President, Investor Relations
Jay Geldmacher - Chief Executive Officer
Tony Trunzo - Chief Financial Officer
Conference Call Participants
Ryan Merkel - William Blair
Amit Daryanani - Evercore
Erik Woodring - Morgan Stanley
Ian Zaffino - Oppenheimer
Brett Kearney - Gabelli Funds
Paul Chung - JPMorgan
Operator
Ladies and gentlemen, at this time I would like to welcome everyone to the Resideo Technologies Third Quarter 2022 Earnings Conference Call. Today’s call is being recorded and all participants will be in a listen-only mode until the formal question-and-answer portion of the call. [Operator Instructions]
It is now my pleasure to turn today’s call over to Mr. Jason Willey, Vice President of Investor Relations. Mr. Willey, you may begin.
Jason Willey
Good afternoon, everyone. And thank you for joining us for Resideo’s third quarter 2022 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 now turn the call over to Jay.
Jay Geldmacher
Thank you, Jason, and good afternoon, everyone. Q3 was a mixed quarter for Resideo in a dynamic environment. ADI again delivered solid revenue growth and profit expansion, driven by strong performance in security and fire categories, serving commercial markets.
At P&S, we had 14% year-over-year growth in air products with experienced headwinds across other product areas, particularly in security and OEM components for water heaters. Order rates slowed during the quarter and customers have begun to normalize inventory as macro uncertainty grows.