Why Shares of Resideo Technologies Are Soaring Today

Shares of Resideo Technologies (NYSE: REZI) traded up more than 23% on Thursday after the company reported better-than-expected fourth-quarter results and detailed a cost-savings plan.

Resideo, a maker of smart home and security products, which was spun off from Honeywell International in 2018, reported fourth-quarter adjusted earnings of $0.39 per share on revenue of $1.3 billion, beating analyst expectations of $0.28 per share in earnings on sales of $1.28 billion. The results were a rare bit of good news for Resideo, which has seen its shares fall 63% since the Honeywell spinoff.

In October, the company cut guidance and said it was initiating a comprehensive operational and financial review because the transition to the company's new generation of security products and connected thermostats will take longer than expected.

Source Fool.com