Analyst asks Honeywell if it will continue "brute force-type of restructuring" in 2021 or return to a normal kind of restructuring. Answer from Honeywell leaders was Can you repeat that because I did't quite get it.
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well most of them are non-american. So perhaps translations is in order
HON is Limp - Always has been....Always will
Honeywell Annual Revenue
(Millions of US $)
2019 $36,709
2018 $41,802
2017 $40,534
2016 $39,302
2015 $38,581
2014 $40,306
2013 $39,055
2012 $37,665
2011 $36,529
2010 $32,350
Ladies and gentlemen, that is our leadership, we are all doomed!
I read over the transcript of the earnings call that includes the original posted comment at https://news.alphastreet.com/honeywell-international-inc-hon-q3-2020-earnings-call-transcript/
After some hemming and hawing, the answer was:
"I mean, the question is really just on kind of restructuring in the cost base itself kind of the normal kind of flow restructuring?"
"So I think, we’re going to return to more normalized levels. I mean, yeah, this is — obviously we pulled some things then that we were probably going to do later. We rationalized our cost structure, because frankly we had to. I mean we — that’s what we were facing early in Q2 and when we did — we did do that. So I think as we look in 2021 and 2022, I mean, it’s going to return to a little bit more of a normalized level.
this never is wholly exits our playbook, I mean in good times and bad, we’ll always look for opportunities to be much more efficient. So yes, it’s not going to be at the same level as this year, but we’re — we still are executing our ISC transformation, we’re still executing Honeywell Digital"
So, from a layoff perspective, it doesn't sound like much is going to change especially in light of other comments about continuing to EXPAND profit margins in 2021 regardless of anything else. That is the kind of result that really drives the stock price up.
If you are at a loss on how to solve a problem, you layoff and reorg to look like you are trying to do something.
LOL... “Nothing has changed”. Those who have lived it, get it. Classic!
I cannot recall a time in my ten years of working for honeywell when we were not shuffling between orgs. I have had at least 6 VPs without ever changing jobs. Honest i dont bother to learn their name.
At least twice we have had mass communications trying to explain that even though your boss, department, and org are different ... nothing has changed and you should just keep cranking out whatever widget it is that you make ..
The next email invariably says we expect you to go 10% faster than last year because of all the things that changed which dont effect you at all..
Given all the cuts i am sure it will be 50 percent this year.
Let’s reorg every month in order to triple productivity!