Parent company Resideo Technologies noted that ADI’s eCommerce channel grew 17% during the quarter.
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.
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Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett earned a degree in print journalism from the University of Wisconsin-Eau Claire and works from his home in Madison, Wisconsin. He can be contacted at mike@mdm.com.
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