What In The World Is Going On With Resideo Technologies Stock?

Resideo Technologies Inc REZI shares are trading lower by 29.92% to $16.37 Wednesday after the company reported worse-than-expected third-quarter earnings per share and sales results.

What Happened?

Resideo Technologies reported quarterly earnings of 42 cents per share which missed the analyst consensus estimate of 56 cents. by 25 percent. This is a 8.7 percent decrease over earnings of $0.46 per share from the same period last year.

The company reported quarterly sales of $1.62 billion which missed the analyst consensus estimate of $1.69 billion by 4%. This is a 8.16 percent increase over sales of $1.50 billion the same period last year.

"Financial results were mixed in the third quarter as continued growth at ADI was offset by headwinds to Products & Solutions' revenue and profitability," commented Jay Geldmacher, Resideo's President and CEO.

"As the third quarter progressed, we saw softer-than-expected orders and sales across Products & Solutions, with customers looking to normalize inventory levels as macro uncertainty grows," stated Geldmacher.

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According to data from Benzinga Pro, Resideo Technologies has a 52-week high of $28.35 and a 52-week low of $15.80.