SPS results for 4Q were shocking. Warehouse and workflow solutions sales growth were down 51%. PSS down 22% and SST down 5%. The pace of decline is increasing. On this basis I would expect an increased tightening of fiscal policy. Read into that what you will. Big changes ahead for sure. The Markets were not impressed either with sp down by 2.4%.
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Only a few years back HGAS was a solid business with some incrediblly talented and experienced staff. Everything was there for an extremely successful operation. All gone now though, they starved the business and pushed out the talent (or they escaped) and now we are left with a desperate lot trying to flog dinosaur products. In the last few years I have seen so many new people join HGAS with no industry experience and worse still no competence or ability. I had to move on, it is shameful operation now and on its last legs. I guess like many other parts of Honeywell. So very sad.
@8kiz+1qRtEDLs
Yes - No surprise really. The gas business has really lost direction. Most of the experienced staff have long since gone - largely to competitors who are gaining momentum in this space. When was the last time a truly innovative product was released?
SPS is toast. I understand they are trying to dispose of most of the businesses but no one is interested.
That tells you why PPE was named GBE of the year. They lost the least amount of money. PPE overall sales have been on a steady decline. Miller fall protection won’t even be a top 5 fall protection brand this year. They want to license several of the brands away because they can’t get anyone to buy it.
GK was not fired. He is hiding in a closet, waiting to strike!
2024 WILL see huge layoffs in SPS.
Honeywell is soon to be turned upside down.
PPE were named GBE of the year 2023, I just nearly choked!
Every day I come to work the distortion of reality just keeps growing, nothing surprises me here anymore.
GE and GEHC! Lessons in management while we continue to accelerate
@4tid+1qRtEDLs Nope. GK was heavily involved in the acquisition/valuation of Rebellion amongst many other poor leadership calls in SPS, plenty of culpability on him too. All as bad as each other. Oh, and heads up, there is worse coming down the pipeline than JW or GK ;)
Losses at IGS have had massive knock on effects across rest of SPS/IA. Cost saving initiatives including RIf’s are ki-ling the whole division. A truly depressing place to work. Can’t see any end to this until IGS is sold.
JW led the acquisition of both Intelligrated and Rebellion. Then booked Amazon at IGS and took a big fat loss. There wasn’t much GK could do after the massive 100M plus write off in 2021. The business already had too much momentum in the wrong direction. JW nor his team of unqualified pompous white boys knew how to find their way to the bathroom much less run a business. The disaster of PPE and IGS plus more was the beginning of the end. GK was the scapegoat. I mean he’s likely a tyrannical id--t too but he can’t possibly be worse than John, Brian, Will etc
Who is the next id--t they put in charge of destroying SPS?
Intelligrated engineers won a contract with a big player and they simply could not deliver. Aka.. not ready for that game.
JW was a problem but GK was worse. He ki-led this part of the HON company and got fired for it. He should give back all of his bonus $$ and stock $$m to the people in SPS he sc--wed. FGK
There was a lot of number shuffling to cover deeper losses. Much was maneuvered into this year, it is about to get real rough folks, I feel it is decent to warn you of that.
JW's legacy - Buy shiny new toys that were strong and healthy, then break them and destroy them.
@1pqy+1qRtEDLs Yep, this speaks volumes. The grift will continue, different names but same game. I do wonder how long they can push it until it all comes tumbling down, 3, 4 maybe 5 years? VK is on borrowed time and will feather his nest hard while he can.
Amazed that SST is only 5%, the whole division has gone to the dogs.
Some massaging of figures there for sure.
The item of most concern on pg 4 is the accelerating capital deployment- aka stock repurchase, dividends. 2011-2015 avg = $5B, 2016-2023 =$8B. So for 2024 the number is 300% - $25B.
The only way SLT knows how to drive stock price North is through stock buybacks & increased dividends. It also feathers their options……
I don’t know what they teach the MBAs these days, but they need to take a look at Intelligrated to see how to destroy a business in 8 years.
Yes, that's all pretty much IGS. Wondering what Honeywell is going to do. They've already got the main culprit heading out of the door, but there is still much left to be done to right the ship.
Is Warehouse and workflow solutions Intelligrated?