Electrical products and components manufacturer and distributor Resideo Technologies reported its 2023 first quarter financial results on May 3, showing flat results for its distribution unit — ADI Global Distribution.

ADI — No. 6 on MDM’s Top Electrical Products Distributors list for 2022 — had 1Q revenue of $891 million, up 0.5% year-over-year. The unit’s gross margin of 19.2% was down 10 basis points from a year earlier, while operating profit of $72 million was down 10%. 

Commenting on ADI’s 1Q, Resideo noted that reduced inflationary pricing benefits were largely offset by higher vendor rebates and freight cost improvements.

Resideo noted that ADI’s eCommerce channel grew 17% year-over-year in 1Q and represented 20% of ADI’s net revenue. Overall touchless revenue comprised 39% of ADI’s total revenue in the quarter.

Resideo, as a whole, posted 1Q revenue of $1.55 billion, up approximately $3% year-over-year. Operating profit was $138 million (8.9% margin) trailing the $172 million (11.4% margin) of a year earlier. The company’s 1Q net profit was $57 million, down from $87 million a year earlier.