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Resideo Announces Second Quarter 2021 Financial Results August 5 , 2021 AUSTIN , Texas , Aug. 5 , 2021 / PRNewswire / -- Resideo Technologies , Inc. ( NYSE : REZI ) , a leading global provider of home comfort and security solutions and distributor of commercial and residential security and audio - visual products , today announced financial and operating results for the second quarter ended July 3 , 2021 . resideo products serving both commercial and residential markets . Second Quarter 2021 Highlights • ⚫ Net revenue of $ 1.5 billion , up 44 % from $ 1.0 billion in the second quarter 2020 • Gross profit margin of 25.8 % , up 290 basis points compared to gross profit margin of 22.9 % in the prior year comparable period • Operating profit of $ 121 million , an increase of $ 127 million over an operating loss of $ 6 million in the second quarter 2020 • Cash provided by operating activities of $ 94 million compared to cash provided by operating activities of $ 145 million in the prior year comparable period Second Quarter 2021 Performance Consolidated revenue of $ 1.5 billion in the second quarter 2021 increased 44 % compared with $ 1.0 billion in the second quarter 2020 , which was negatively impacted by the emergence of COVID - 19 . Products & Solutions revenue was $ 598 million , an increase of 50 % compared with revenue of $ 398 million in the prior year comparable period primarily due to strong demand across Products & Solutions ' end markets and channels . ADI Global Distribution revenue was $ 879 million , an increase of 39 % compared with revenue of $ 631 million in the prior year comparable period primarily due to higher volumes as demand improved for Gross profit margin for the second quarter 2021 was 25.8 % , up 290 basis points compared to 22.9 % in the second quarter 2020. Products & Solutions gross profit margin of 38.6 % increased 470 basis points from 33.9 % in the second quarter 2020. The increase was primarily attributable to higher sales volume and productivity improvements partially offset by higher freight costs . ADI Global Distribution gross profit margin was 17.3 % , an increase of 130 basis points compared to the prior year comparable period gross profit margin of 16.0 % . The increase was primarily a result of improved product line margin and higher purchase rebates partially offset by higher freight costs . Resideo's operating profit of $ 121 million in the second quarter 2021 was up $ 127 million compared to second quarter 2020 operating loss of $ 6 million . Products & Solutions operating profit of $ 129 million in the second quarter 2021 increased from $ 42 million in the second quarter 2020. The increase was primarily the result of higher volumes and improved gross profit margin . ADI Global Distribution operating profit increased to $ 66 million in the second quarter 2021 from $ 31 million in the second quarter 2020 , primarily due to strong operating expense leverage over the higher revenue . Corporate costs were $ 74 million in the second quarter 2021 , down $ 5 million from $ 79 million in the prior year comparable period primarily due to reduced spin related expenses and lower restructuring costs offset by a $ 16 million expense related to the pending securities class action litigation settlement net of insurance recoveries . Net income for the second quarter 2021 was $ 58 million , or $ 0.39 per diluted common share , compared with a net loss of $ 76 million , or a loss of $ 0.62 per diluted common share , in the second quarter 2020 . Cash Flow and Liquidity . The company reported net cash provided by operating activities of $ 94 million for the second quarter 2021 , a decrease of $ 51 million from the prior year comparable period . The lower operating cash generation was primarily the result of unusual positive cash flow items in 2020 related to COVID - 19 , including working capital decline and cash conservation efforts . On July 3 , 2021 , Resideo had cash and cash equivalents of $ 579 million and total outstanding debt of $ 1.2 billion . Outlook The company today updated its outlook for 2021 and now expects full year revenue to be in the range of $ 5.85 billion to $ 5.95 billion , gross profit margin in the range of 26 % to 28 % and operating profit in the range of $ 535 million to $ 565 million . The company expects third quarter 2021 revenue to be in the range of $ 1.50 billion to $ 1.55 billion , gross profit margin in the range of 26.5 % to 28.5 % and operating profit in the range of $ 140 million to $ 150 million .