Resideo Technologies, Inc. announced third quarter 2024 financial results, reporting net revenue of $1.828 billion, an 18% increase year-over-year. Consolidated Adjusted EBITDA reached $190 million, up 29% compared to the third quarter of 2023, surpassing the company's outlook. This performance was driven by organic sales growth in both the Products and Solutions and ADI Global Distribution segments.
The Products and Solutions segment delivered net revenue of $645 million, a 4% increase excluding the Genesis divestiture, and achieved a gross margin of 42.2%, up 350 basis points year-over-year. ADI Global Distribution reported net revenue of $1.183 billion, a 31% increase, including $251 million from the Snap One acquisition, with organic growth of 4%. The e-commerce channel, excluding Snap One, grew 18% year-over-year.
Resideo generated $147 million in net cash from operating activities during the quarter, an increase of $87 million year-over-year, primarily due to improved working capital dynamics. The company updated its full-year 2024 outlook, projecting net revenue between $6.720 billion and $6.760 billion and Adjusted EBITDA between $672 million and $687 million.
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