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Resideo Technologies (REZI) Q4 FY2023 earnings: revenue $1.5 billion, down 1.5% on the year

Resideo Technologies, Inc. (REZI) reported revenue of $1.5 billion for Q4 FY2023, the quarter ended 31 December 2023, down 1.5% on the same quarter a year earlier. Net income was $82 million, up 110.3% on the year, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$1.5 billiondown 1.5%
Net income$82 millionup 110.3%
Diluted EPS$0.56
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue1,5371,554n/an/a
Cost of revenue1,1141,137n/an/a
Gross profit423417n/an/a
Gross margin27.5%26.8%n/a
Research and development25.028.0n/an/a
Selling, general and administrative241233n/an/a
Operating income147109n/an/a
Operating margin9.6%7.0%n/a
Interest expensen/a16.0n/an/a
Pre-tax income10137.0n/an/a
Income tax19.016.0n/an/a
Effective tax rate18.8%43.2%n/a
Net income82.021.0n/an/a
Net margin5.3%1.4%n/a
Diluted EPS$0.56$0.14n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow26360.0n/an/a
Capital expenditure31.025.0n/an/a
Free cash flow23235.0n/an/a
Free cash flow margin15.1%2.3%n/a
Cash from investing46.0-35.0n/an/a
Cash from financing-17.0-29.0n/an/a
Depreciation and amortisation27.022.0n/an/a
Share-based compensation8.011.0n/an/a
Diluted shares, weighted147m148mn/an/a
Shares outstanding at period end145m146mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity2,7492,645n/an/a
Debt1,4191,423n/an/a
Operating lease liabilities166174n/an/a
Other liabilities2,3112,217n/an/a
Total liabilities and equity6,6456,459n/an/a
Fixed assets390380n/an/a
Goodwill2,7052,687n/an/a
Intangible assets461456n/an/a
Cash and equivalents636368n/an/a
Receivables973988n/an/a
Inventory941970n/an/a
Other assets539610n/an/a
Total assets6,6456,459n/an/a

Questions

What was Resideo Technologies' revenue in Q4 FY2023?

Resideo Technologies (REZI) reported revenue of $1.5 billion for Q4 FY2023, the quarter ended 31 December 2023, down 1.5% on the same quarter a year earlier.

How much did Resideo Technologies earn in Q4 FY2023?

Net income for Q4 FY2023 was $82 million, up 110.3% on the year, and diluted earnings per share $0.56.

When did Resideo Technologies report Q4 FY2023 results?

Resideo Technologies filed its 10-K for the year that ended with the quarter on 14 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,5541,5371,4861,5891,8281,8581,7701,9431,8641,8951,9121,981
Cost of revenue1,1371,1141,0861,1421,3041,3281,2591,3741,3081,3351,3611,386
Gross profit417423400447524530511569556560551595
Gross margin27%28%27%28%29%29%29%29%30%30%29%30%
R&D28.025.025.021.023.042.035.041.044.047.048.048.0
SG&A233241231280317310306319324317340332
Operating income109147128122126144136177154140102131
Operating margin7%10%9%8%7%8%8%9%8%7%5%7%
Interest expense16.0n/a13.015.027.026.025.024.037.049.047.046.0
Pre-tax income37.010173.059.044.045.015.0-73811015655.0166
Tax rate43%19%41%49%55%49%60%n/a-42%13%31%42%
Net income21.082.043.030.020.023.06.0-82515613638.097.0
Net margin1%5%3%2%1%1%0%-42%8%7%2%5%
Diluted EPS$0.14$0.56$0.29$0.19$0.07$0.08-$0.02-$5.59$0.85$0.73$0.17$0.51
Operating cash flow60.02632.092.0147203-65.0200-1,571299-145148
Capital expenditure25.031.021.015.022.022.031.020.028.037.036.029.0
Free cash flow35.0232-19.077.0125181-96.0180-1,599262-181119
Buybacksn/an/a1.0n/an/an/an/an/an/an/an/an/a
Shares outstanding146m145m146m146m147m147m148m149m150m150m151m152m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001740332-24-000019: the filing on EDGAR. All of Resideo Technologies, Inc.'s filings: EDGAR company page.

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