Resideo Technologies Inc., (NYSE: REZI), distributor of commercial and residential security and audio-visual products, reported sales for its fiscal 2022 second quarter ended July 2, 2022, were $1.69 billion, up 14% from the prior-year period.
Net profit was $94 million.
ADI Global Distribution second-quarter sales were $922 million, up 5% from the prior-year period driven by a strong pricing environment and recent acquisitions. Demand was also strong in categories that serve commercial end-markets, including fire and access control. eCommerce sales growth for ADI was 29%, accounting for 18% of total revenue.
Resideo also announced that ADI Global has acquired Houston, Texas-based Electronic Custom Distributors, Inc., a privately held distributor of residential audio, video, automation, security, wire and telecommunications products. ECD serves Texas, Louisiana, Oklahoma and Arkansas with four distribution centers.
“With a strong strategic plan in place, we continue to invest in ADI organically by pursuing tuck-in acquisitions to bolster our growth and expand our customer and supplier relationships,” said Jay Geldmacher, President and CEO of Resideo. “ADI and Products & Solutions delivered record quarterly revenue and combined operating profit exceeded the high-end of our outlook.”
ADI was also featured Selling Power’s “50 Best Companies to Sell For” list in 2022, which features companies leading the charge in perseverance and determination despite facing the worst inflationary period in decades.