Smart home products manufacturer and distributor Resideo Technologies reported its 2024 third quarter financial results on Nov. 7, showing an increase in sales year-over-year and sequentially.

Resideo posted total 3Q sales of $1.83 billion, up 18% year-over-year, while net profit of $524 million was up compared to the $417 million from the year prior. Adjusted EBITDA of $190 million increased from the $147 million of a year earlier.

At Resideo’s ADI Global Distribution unit, 3Q sales of $1.1 billion increased 31% year-over-year with the earlier 2024 acquisition of Snap One accounting for much of the gain. Resideo noted that ADI’s eCommerce channel, excluding Snap One, increased 18% year-over-year.

Resideo added that ADI saw volume increase in several categories, including fire, video surveillance, professional audio/visual and datacom, offset by year-over-year declines in residential intrusion and residential audio/visual.

ADI’s 3Q gross margin of 21.3% increased 300 basis points year-over-year, while operating profit of $36 million decreased 31% from $52 million in the same period a year prior.

“Products and Solutions continued to drive gross margin accretion, reflecting structural cost improvements,” Resideo President and CEO Jay Geldmacher said in the company’s financial release.  “ADI also returned to organic revenue growth driven by improved demand across commercial categories and continued eCommerce expansion. The integration of Snap One is progressing well with the teams focused on cross-selling opportunities and cost reduction actions. We are excited by the meaningful new product introductions that have begun to rollout at Products and Solutions This is highlighted by refreshes of our thermostat offering and security solutions aimed at larger residential and small and medium business opportunities. At ADI, improving demand trends in key categories and cross-selling opportunities with a greater customer and product portfolio create significant benefits moving forward. Overall, we expect the positive business momentum to continue as we close out 2024 and look to 2025.”

Security, audio/video and low-voltage products distributor ADI was No. 7 on MDM’s Top Distributor’s List for Electrical/Data/Security products.