Resideo Technologies, Inc. (REZI) Significantly Misses Earnings Estimates
Leading up to its spin-off, Resideo touted its “bright future” and strong competitive position. Additionally, Honeywell touted that following the spin-off Resideo would be the market leader in home heating, air conditioning controls, and security markets. Then, on October 22, 2019, Resideo surprised investors by announcing preliminary financial results for the third quarter that revealed earnings that significantly missed estimates as well as the replacement of its CFO. On this news, the price of Resideo stock fell $5.73 per share, a decline of over 37%. The stock has yet to recover.
