Resideo Technologies, Inc. (NYSE:REZI) Q1 2024 Earnings Conference Call May 2, 2024 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
Cory Carpenter – JPMorgan
Ian Zaffino – Oppenheimer
Operator
Ladies and gentlemen, at this time, I would like to welcome everyone to the Resideo First Quarter 2024 Earnings. 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.
It is now 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 first quarter 2024 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 investor.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 thanks everyone for joining us today. I’m excited by the results the team delivered in the first quarter and the progress being made in transforming Resideo. For the quarter, we reported revenue at the midpoint and adjusted EBITDA at the higher end of our previously provided outlook. Our momentum within Products and Solutions continues to build evidenced by a 180 basis point expansion in gross margin and 9% growth in segment adjusted EBITDA year-over-year.
We continue to make great progress on our strategic priorities across our portfolio operations and cost optimization initiatives. This is highlighted by our agreement to acquire Snap One, which we expect will enhance our transformation efforts across Resideo. For our ADI business, Snap One will expand product breadth and capabilities across audiovisual and smart-living distribution while expanding our ability to serve our core security customers.