Smart home products manufacturer and distributor Resideo Technologies reported its 2024 second quarter financial results on Aug. 8, which showed an increase in annual sales in its ADI Global Distribution unit.

Resideo posted total 2Q sales of $1.59 billion, down 1% year-over-year, while net profit of $30 million trailed the $50 million from the year prior. Adjusted EBITDA of $175 million trailed the $155 million of a year earlier.

At ADI, the unit’s 2Q sales of $959 million increased 4% year-over-year with Snap One accounting for $45 million of that revenue following the closing of the acquisition in June. Resideo noted that ADI’s eCommerce channel grew 8% year-over-year.

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

ADI’s 2Q gross margin of 19.4% increased 20 basis points year-over-year, while operating profit of $62 million decreased 13%. Adjusted EBITDA of $77 million declined from $79 million in the same period a year prior.

Resideo also appointed Mike Carlet, former Snap One CFO, to the same position at Resideo, effective Aug. 9. Tony Trunzo will stay with Resideo until March 2025 to ensure a successful transition.

“Our second quarter results demonstrated the substantial progress we have made in transforming the structural profitability profile of the business and in executing on value-creating strategic transactions,” Resideo’s President and CEO Jay Geldmacher said in the company’s financial release. “Products and Solutions delivered gross margin and Adjusted EBITDA margin at the highest levels since first quarter 2022. The business accomplished these results in a market environment constrained by higher interest rates and low housing turnover. ADI continued to make progress in driving key strategic initiatives around e-commerce and exclusive brands sales and saw improved customer activity as the quarter progressed.”

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