Why Resideo Technologies Stock Is Plummeting Today
Home automation equipment manufacturer Resideo Technologies (NYSE: REZI) missed analyst expectations for the third quarter and guided lower for the full year. Investors hit the panic button, sending shares down more than 30% on Wednesday morning. As of 12:41 p.m. ET, they were still down 30.8%.
Resideo Technologies has had a difficult run as a public company in the years since it was spun out of Honeywell International in 2018. Coming into earnings season, Resideo shares were down more than 30% since that spinoff, trailing the S&P 500 by about 70 percentage points.
Third-quarter results did little to change that trend. Resideo earned $0.42 per share on revenue of $1.62 billion, falling short of analyst expectations for $0.56 per share in earnings on sales of $1.69 billion. Resideo manufactures a range of products for the home including thermostats and security cameras. In the most recent quarter, it was hit by ongoing issues in the construction and renovation markets.
Source Fool.com
