Resideo Stock Plunges 37%, CFO Ousted

By: John Honovich, Published on Oct 23, 2019

The horrible year for the ADI / Honeywell Home spinout, Resideo, just got worse, with their stock plunging another 37% today.

IPVM Image

Not even a year ago, Resideo IPOed, then had its stock price plunge. Today, it got significantly worse.

We examine what is happening and the emergency turn around specialist they have brought in.

*** ******** **** *** the *** / ********* Home *******, *******, **** got *****, **** ***** stock ******** ******* **% today.

IPVM Image

*** **** * **** ago,******* *****, **** *** its ***** ***** ******. *****, ** *** significantly *****.

** ******* **** ** happening *** *** ********* turn ****** ********** **** have ******* **.

[***************]

Stock ****

*** ***** *** ******* ~70% ** *** **** year ***** ******, ********* the **% *****, ** shown *****:

IPVM Image

*** ***** *** **** more **** **% ******* Wednesday (***** $*.**) *** recovered ******** ** $*.**, still **** **** **** $5 *** *** ***.

CFO ***

** ** * **** bad **** *** * CFO ** ******** **** and *** ******* *** announced **************. **** ** what *** **** ******** at *******, **** **** issuing *** ********:******* ********* *** ******************** ********* ******** *********** Third ******* ******* *** Adjusted ****** *******, ******* Guidance *** **** **** 2019.

Turn-Around ********** *** ******* **

*** *** ******* ***,****** *****, ** ***** **** a $* ******* ****** rate ($***,*** ***** * weeks) ** ******* *** an ** ** * half **** ********. ***** describes ******* ** ******** as "********* ** ****-*******, M&A *** ***. ********."*******'* ** ** ********* **** ** "******** with ********* ** ********* algorithms, ****, *** ******* structures ** **** ** organizational *******".

******* ******* ************ ********* more ***** **** *************: "Resideo *** ***** * comprehensive *********** *** ********* review, ******* ** ********* gross ******* *** ********** its ************** *********."

** ****** *** ***** for *** ******* ***'* departure, ******* ** "** pursue ***** *************." *** 8K ******* **** ** has *** *** **** signed * ********** ********* (e.g. "** **. ***** signs *** **** *** rescind * ********** *********").

Reduced ******* *** *******

***** **** *** *** exit, *** ******* ********* significant ***** ******** *** profits *** ******** ***** revenue:

** * ******, *** company ** ******** *** full-year **** ******** ****** guidance ** ** ** the ***** ** $*** million ** $*** *******, compared ** ********** ******** $410 ******* ** $*** million. *** ******* **** is ******** *** ****-**** 2019 ******** *** ******* growth ** *% ** 4%, ** ******** ** previously ******** *% ** 5%.

*** ****** ******** **** so **** ** *** year ** ********** ** this ******* * *** fall ** ******* ** the ****** **** ** 2019.

*** **** ******* ****** cited ** ******* *** thermostats:

*** ******* ******** ******** were ********* *** ** lower ***** ******* ** non-connected ***********. ** ******* a **** ***-**** ******* from *** ***** ********** of ***-********* *********** ** the *-****** **** ******** the ******** ** ***-***** T-Series ***********. *** ******* effects ****** ******** **** pronounced ** *** ***** quarter ***** *** ***** generation ** ***-********* *********** were ************.

** ** *** **** enough ***** *** ********** business ** *******.

ADI *****, ******** ********* ******

********* ** *******, *** is *** ****** ********:

** *** ***** *******, the *** ****** ************ business ********* ** **** as *******

*** *** ******** ******** generally ** *** ** affected, ****** **** ******* one ***** ********'* ***** having ** ******:

***** *** ******** ******** continues ** ****, * single ***** *** ******** delayed *** ***** **** of *** ********* ****** the ****** *******, ********* in ** ******** ******** impact ** ******-******* ******* of ************* $** *******.

*** ********'* **** ** not ********* *** ** are *** **** ** those *** *** ********* Home ******** ** *** distribution, ***.

Problems *** *******

***** ** ** *** enough ***** *******'* ********* to ** **** **** is *********, *** ***** fact *** ***** ******* 37% ***** *** *** dropped ****** **% ***** when **** ****** **** year ** * *******.

*** ******* *** *** a ****** *** ** just **** ~$* *******, which *** * ******* that **** ***** ** ~$5 ******* *** $***+ million ***** ** ***** low. ** *** ***** hand, ********* ********* **** concluded **** ***** *** significant ******** **** *******'* business ** *** ** this *****. *** **** stock ****** *** *** that ****, ** *** increase *********** ************ ** executives ******** ** **** with *** *******.

Vote / ****

Comments (41)

Undisclosed #1

10/23/19 03:39pm

** ** * **** bad **** *** * CFO ** ******** **** and *** ******* *** announced **************.

** ***** ** *** Avigilon, ****** ***** ***** never ******* ** ************* as *******.

Undisclosed End User #2

10/23/19 05:59pm

****** *****, ** ***** **** a $* ******* ****** rate ($***,*** ***** * weeks)

* ****** *** ***** line ** ****

Undisclosed Integrator #4

In reply to Undisclosed End User #2 | 10/24/19 03:50pm

***?

"**'** ****** ******* ********* problems! **** ****** ** do!?"

"* *** **! ***'* pay **** ***** ***** mil ** ****** *** why **'** ****** *****."

John Honovich

IPVM | In reply to Undisclosed Integrator #4 | 10/24/19 05:26pm

***, ******, **** *** a $* ******* *******. On *** *** ****, this ***** *** ** used ** ******* ****** huge **** ** *** execs. ** *** ***** hand, *** ****** ** people *** **** ***** public ******* *** ********** and *** ******* ** immediately **** *** ******* to *** ****** *** will ****** * *** of *****.

John Honovich

IPVM | 10/24/19 12:00am

******** ******:

******* *******, ***** ****** conference ****** ********:

********* ******* ******* **** tomorrow? ***'* ****** ** use#****************** ******* **** ******** insights *** ****** **** the ****.***.*******.***/**********
— ******* *** (@**********)******* **, ****

*** ******** **** ** that ******* **** ** wining *** ****** ***** people, ***** **** ******** the ********** ** ******* from *** ************. *******, minimally, ** **** ** disruptive / *********** *** the ********** ** ******* a ***** **** **** the ***** *******.

****, ******, *** **** originally **** **** **%, which ** ***** ** was ** ***-*** *** the ***** ********* ******** to *** *** *** at '****' **** **%.

John Honovich

IPVM | 10/24/19 12:38am

******:**** ** *** ********* letter *** ******* ***. *** ***** **** strikes ** ** *** is **** *** ******** cash ************, ** ****** mentioned.

***** ****** "$**,*** *** **** ********* on ****** ** **** week" ** ******* ** sneer **, ** ***** seem *** ******* *** could **** **** **** money ** ****** *** payment **** ** ***** increase, ***** ***, ** is ***** ********* ********* work. ****** **** *** theory ** ****, ****** share.

Undisclosed #3

In reply to John Honovich | 10/24/19 01:36am

*’* *** **** *’** ever **** * ******** sentence ** ** ********** letter:

********** **** ***** **. Ryder ** ******* ***** duties *** **************** ** a ********, *********, *** faithful ******, *** ** the **** ** *** abilities, *** **** ******* cause *** ** ****** substantially *** *** ****-**** efforts ** *** ******** and ******* ** *******.

***, **********, ********** ** a *********** ** **** sort. **, ** ***** Horsepower **** ****** *** Ryder **** **** ** everyday, ***** ** ****...* guess...

****, *** ******* ** Horsepower?

John Honovich

IPVM | In reply to Undisclosed #3 | 10/24/19 11:02am

*** ******* ** **********?

***, ********** ** ****** just ***** *** * few ******* ******. ** LinkedIn ******* *******, ** website * *** ***** and ** ********* *** role ** ********** ** utilizing '**' **********:

** **** *******, * don't *** * ******* with ********** = *****, so **** ** ***** has *** ******* ****** to ******* **** ******** situation, **** ** **** for *******.

****,**** ** *** *** / ****** ********** ***** profile, **** **** ********** his ********** *********: "*** TURN—turnaround, *************, *** **************" and "** ** ** ****** with *** ****, ***** helps ******* ******* *****, visible *********** ************ ** the ***** **** ***** strengthening ***** ************* *** positioning **** ** *** in *** ******."

Undisclosed #3

In reply to John Honovich | 10/24/19 05:08pm

...* ***'* *** * problem **** ********** = Ryder...

** *******. *** ********* just ***** **** * strange *** ** ****** puffery ******* *** ****** and *** ********** **** adds ** **** ***********.

***, ******* *** *** equation ***** ********** = Ryder ****** *** ***********

**.********* *******.******* ******* ***** ****** and **************** ** * diligent, *********, *** ******** manner, *** ** *** best ****. *****’**********, *****. ********* ******* *******.******* ****** ************* *****.*****’*****-**** ******* ** *** business *** ******* ** Resideo.

Jake Voll

SS&Si Dealer Network
In reply to Undisclosed #3 | 11/03/19 11:43am

* ****** **’* ** intentional *********** ******* **. Ryder *** *** *** to ****** *** **** liability.

Undisclosed #3

In reply to Jake Voll | 11/03/19 03:47pm

* ****** **’* ** intentional *********** ******* **. Ryder *** *** *** to ****** *** **** liability.

* ***** ****’* *** difference ******* ******* ******* stiffs **** **, *** would ***** **** ** LLC ******* ****** *********; and ***** ******** *** types *** ******* ** a ***** ********* *****.

Larry Tracy

In reply to John Honovich | 10/24/19 07:52am

** *** **** ** no ******/ ***** ****** compensation * ****** *** guy ** ***** ****** already ** **** ***** way *** ***** ***** is ******?

** ** * ***** term ******** ** ***** case ** ***** *** be ********?

Brian Karas

In reply to John Honovich | 10/24/19 05:53pm

****** **** *** ****** on ****, ****** *****.

** **** *** **** too *** ** *** ordinary ** **. *** one *****, ***** ****** can ** ***** **** a *** ***********. ** is *** ** ********, so ****'* **** ** either ***** *** ******, or **** *** ***-********* options, **** ** ***** would ***** * *** burden ** ***, ***** they ***** ****** **** to ****** *** *** with **** **** ************.

*** ******** ** **** clearly ****** *** ** an ******* ***. *** sure ** **** ** a *********, *** **** plan ** **** * full-time *** ***** *** way, ** ** *** intent ** *** *** to ****** ****-**** *** eventually (***** ***** **** give **** *** *********** to ***** *** *** options ***/** **** **** a ***** *** ******).

****, ****** ** ***** exposure ** ** ********* of *** ******* (**** likely), *** ***** **** this ** * *****-**** engagement, * ***** ** that ******** * *** would ****** **** **** over ***** ** * company * *** *** fully ********.

************, *** **** ** stock ***** ** *** type **** ***** ****** extend ***** ******* ***** approval. *** ********* ***** probably ** **** ******* a ****** ***** *******, but * ***** ***** it ***** ***** **** a *** ** **** to ** ******* *** legal/paperwork *********** ** **** in * ****** *******. They ***** *** *** a ***** ***** ** a "***" **** ** the ********, ** **** may **** **** * verbal ********* ** ** a ***** ***** ***** with *** ****** ***** for *** ** ** able ** ***** **** (they *** * ******** traded ******* ******* * CFO ***** ***, ***** are ******** * *** of ****** **** **** someone ** **** **** immediately, ************ ** **** financial *****).

Chalon Dilber

In reply to John Honovich | 10/24/19 07:49pm

****** **** *** ****** on ****, ****** *****.

******** *** ******* ** his *** ***** *** be * *** ****** carrot; **** ** **'* a ********* ********* *** now. ** ***** ** hard ** ******* *** guy ******* *** **** together, *** ** ***** short ****** ***, *** being ***** ** **** execute **. *** ** mention ******* ****** *** time ********* *** ****** at *** ***** ****...

Undisclosed #6

In reply to John Honovich | 10/24/19 08:18pm

** ***** ** *** to *** ** ******* CFO's (*** ** ** independent **********) ************ ** stock ***********; ********, ** "may" **** **** *****-** to ** **** *** last *** *** *** some ******** ********** ** boost *** ***** *****.

Undisclosed Integrator #9

In reply to John Honovich | 10/30/19 01:48pm

** ** **-*** ** turnaround *********, ** ** indeed ******** ******** ** offer ****** ******** *** huge ****** *** ******* around * ******* *****. Without *** ****** ***********, it ** ****** ******* to *** * **** cash ************ **** ** upside *** ******** ****** Resideo.

****** ** “**’** *** to ** ********* *******,” damn *** *********, **** speed *****. ** *** other ****, ********** ***’* are **** *****, ** the ******* ******, ** they *** **** *** few ******* ** ****** from.

***** * ***** ***** the *** ***’* ********* for * **** $**,*** a ****!

Larry Tracy

In reply to Undisclosed Integrator #9 | 10/30/19 03:35pm

* ***** **** *** but **** ** * CFO ***** ** ** about * *** ******* revenue *********, **** ** a *********** ***** **** like **** ********** ***. Maybe **** **** *** CFO ** ******** *** stockbrokers **** **** ***'* sinking.

Larry Tracy

10/24/19 07:48am

********* **** ********** ***** and ****** ******* **** whack **** ***** ***** every ****.

*** *********** ******** ******* lines ***** *** ******** like * **** ********* to **** ******** **** me. *** *** *** 2 *** *** **** taking * *** **** as **** ***** *** Vista ******* **** ** pretty **** ** *** tooth. ( * ** being ****)

**** *** **** ******* margins ** **** *** CCTV.

**** **** ****** ****** company ******* *** **** a *** ******* ******* liability ( * ***** this ** ********) *** some ***** ********* ******* liability ********.

**** ** *** ** off *** **** *** your ***** ******* **** massive **** ********* ** Alarmnet ******** *** **** some ** ***** ********* retroactive ** **** ***.

*** *** *** ******* friends **** ******** * G ****** ******* **** but *** ***’* ****** them *** ****** **** July ***, ********!!!!!!! **** of ** *** *** get *** ************ **** was ****** , **** my *** ****** *** not **** ***** **.

** * **** ** the ***** ********** * would ** ******* ** get *** ****** “**** chop” ***** **!

*** ******* *** ********* one ** *** *** firms **** ********** ** suing ****** ********* ***** the ***** ***** ** far *** ****. *** your ***** ** *** sued ** *** ** all ****.

John Honovich

IPVM | In reply to Larry Tracy | 10/25/19 12:16am

********* *** ** *** law ***** **** ********** in ***** ****** ********* where *** ***** ***** to *** *** ****

*** ******* ** ****,***** *** ***** *** issued * ***** **************** * *** **** soliciting ************ ** ***** ***** ****** ******* against *******:

Undisclosed Integrator #5

10/24/19 05:15pm

*** *** ***** **. When **** ***** *** ship *** *** **** a **** ** ******* into *** ******.

John Honovich

IPVM | In reply to Undisclosed Integrator #5 | 10/24/19 05:30pm

#*, ** ** *** a *** ******. *** ADI ***** ***** ** worth ***** ** **** the ***** ** ******* at. *** *** *** is ******* **** *** right *** ********* ***** business. ****, * ***'* know.

** *** ** *** all ***, *** ** know ***** ******* *** made * ******* ** lost **** *****!

John Honovich

IPVM | 10/25/19 12:09am

***'* ******* ** ****** ********* ******** **** the *** *** ********* the ***** ******:

*** ***: ** ******* emergency *** ** *** corporate ******** ** *** news, *** *** ***** of **.

** *** **** ****, SSI *** *** **** other ******** *********** ** cover ****.

*** ** ** *** Resideo ******* ** ********* ** this *********** ****.

Larry Tracy

In reply to John Honovich | 10/25/19 03:48pm

*** ****** ****’* ** anything ************* ***** ** trigger *** *** *******. I *** *** *** is *** *** ** the *** **** ***.

**** ****** ********* ** what **** ***** *** ..... ****** *** *** numbers ***** ******** ** inventory *** */*. **** qtrs *** *** ** these ***** *** *** in *** **** **** reserves *** **** *****.

*** ******* ** ** this

Undisclosed #3

10/26/19 12:03am

**** ********* **** *** controller *** ******** ** interim ***;

** *** **** ****, AnnMarie ******, *** *******’* Vice ********* *** **********, was ********* ******* ***** Accounting *******, ********* ******* 22, ****...
** ******* ***** ********** Officer, **. ****** **** be ******** ** *********** in *** ********* ****.

**** **** *** **** person “******** ** ***********” was *** **-*** :)

John Honovich

IPVM | 10/26/19 10:34am

***** ******** *********, *** stock *** ********* ********* Thursday *** ****** ** end *** ****:

*** ******* ******* ********** ended **** **** ****** to *** ***** **** the ********* ** *** security ********:

**'* **** ** ***** 'n' ***** *** *** loose **#**************.#*************, ****** ********** *** the **** ** *** those#**************** ********* *** ******* to ** *****.***.*******.***/**********
— ****** ***** (@***************)******* **, ****

Undisclosed Integrator #7

10/27/19 07:55pm

*** *** ******** ** also * ***** ***** to **** *****. **** have *********** **** *** likes ** *******, **** source, *****, *** ** the *********** ************, *** manufacturers ** **** *********. They *** ** **** their **** ** ******** and ***** ***** ****, but ** ** ******* they *** ******* *********** and *** ***** ***** services ****'* **** ** otherwise ********. *** *** sales / ******* ***** aren't **** *******, **** operate *********** "***** *******", and **** * **** time ** *** ****** out. * ***** **** this ********* ** ******* is ** ******* *** (or **** ** **** the ******* ***** ****). my .** *****.

John Bazyk

Command Corporation
IPVMU Certified | 10/29/19 02:16pm

* ***'* *** ******* doing **** **** ****. I ********* **** ** residential ******** ***** *** there *** ** **** other ********* **** *** doing * ****** *** getting ***** ***** ** the ***** ** *********** pros. * *** *** have ***** **** ********* by ******* ** ******* their ********...***** **** ***'* want ** ** ******** with **. *** ** least *** *** *** your ***** *** *****.

John Honovich

IPVM | In reply to John Bazyk | 10/29/19 02:21pm

****, **** ** ******* does **** **** ** one **** ********* ***** either?

John Bazyk

Command Corporation
IPVMU Certified | In reply to John Honovich | 10/29/19 02:30pm

***, ** *** **** any ********* ***** **** FireLite/SilentKnight

Undisclosed #8

10/29/19 03:21pm

"******* ******** *** **** wave ** ********* **** technology ** **** *** feel ***********, ****, *** secure, ******** ** ** you **** **** **** when ***'** ***."

***'* ******* "*******" **** Resideo (** ***** *** former ******* ****). ** they **** ********, **** wouldn't ** ** **** situation...both **** * ***** price ** ** * technology ******* **** ** chasing **** ********** ************* in *** *****.

Larry Tracy

10/29/19 07:19pm

*** ******* ******* *********., whoops!!! **** *** ** disclose **** *** **** must **** ***** **** the ********* *** ****** long ***.

* *** *** * don't **** **** ******* of ********** ** *** ADI ******** *** **** the ***** ***** *****. Roger ****** ** *** Chairman *** * **** very **** ** ** a ***** ***** *********** and **** ** ** an ****** ** ***** types ** **********.

John Honovich

IPVM | 11/09/19 12:13am

******* ** ******* *** out *** **** ** expected **** ***** *********** Q3 ******** * ***** ago. *** ***** ***** is ***** ***** ***** $10.

*** ******** **** ************* **** ******* *******.

*** *** ***** * main ****** *** *** problems - **** ** value ***********:

**** ** *** ***** engineering ******* ***** ** our ****-*** **** *********. In * ******* **** ours, ******* ***** **** components, *** ********* *** packaging **** **** ** be ********* ***** **** to **** ***** ****** strong. ***** *********** ***** do ****. ****** ** spun *** **** *********, these ***** **** ******* depleted, *** ** *** seeing *** ******* ** that ** *** ***** margins ******** **** **** capability ** * *** priority

***** ******* ******** ** the ***** *********** *******:

*** ******** ** ***** through * ************** ***** now **** ******** **** are **** ********** **** products **** *** **** electronic. *** ** ********* did *** **** *** right ****** ** *** pitch **** **** ** continue ** ***** ******** those ********

******* ********** ***** ****-****:

** **** **** ******** leverage ** ****** *** indirect ********* ********* *** spin-off. **’** **** ******* with *** ********* *** several ****** *** ** rectify ****.

* *** *** *** an *********** *** **** regain ****.

*** ***** ****** ** large *** ******** ********:

*** ***** ****** ** a ****** **** ********** with *** *********** ******* of * ******** **** a ***** *** ******** customer. **** ******** *** secured ** **** *** first ********** ***** * year *****, **** ****** ramp-up ** ****.

******** **** *** ********* but ***** ** **** say ** ** * new ********:

* ****** ********, * new ********. ** *** forecasted *** *** ** order *** **** $** million *** **. **** customer – ***** *** no ******* ******, ******* issues. ** *** ***** to **. **** ******* for ******* ** ***** side ** *****. *** we *** ******* **** that ******** ********* ** work ******* **** *** to *** ******* ******** as ******* ** ** can.

******* *** *** **** of *** **** - ADI ********* ****, **** of ******** ********* ****:

*** ** ******** ** finish *** **** **** strong **** **** ******-***** revenue ****** *** **% EBITDA ******. ******** *** Solutions ** ******** ** deliver ******* ****-****-**** *********** to **** **** ** Q3.

******* ** ** ***** of ********* ***** ************:

**’* ********* **** ** see **** ******** ** North ******* ** *** requirement *** ****** *******, which ****** ** **** helpful *** **.

Lee Jones

Support Services Group
In reply to John Honovich | 11/10/19 03:40pm

"******* ** ** ***** of ********* ***** ************"

*** ** *** ***** for * **** ** fragmented ** *******, *** they **** ** ********** the ***** ** ***** their ********* *******. *** example, ******* ********** *** they *** ** ***** of ********* ***** ************ to ******* * ***** America *****, *** ******* globally, *** ** *** same **** **** ******** donated $***,*** ** *** alarm ***********, ****, **** is ******** ** ******* and ******* **-******** ********, which ****** **** * few ********* ***** **** at *** ******* ** majority, **** ****.

John Honovich

IPVM | 12/03/19 12:39am

***:******* *** ******* ** step ****, ****** '****** ****** ******'.

****,******* *** **** (*****) has *************** * ***** ****** lawsuit ******* *** *******.

Undisclosed Integrator #10

12/04/19 06:47pm

* ** ***** ******* for **** ** ******* wireless *** ******** **** contacts *** ***** ******* for *** ***** *****. That ***** *** **** out * ***** ***. We *** ******* **** DSC *** ****** ** alternates ** ***** *** Lyric *** ***********/*** ******.

Undisclosed Distributor #11

In reply to Undisclosed Integrator #10 | 12/04/19 08:01pm

**** *******. ****** *** never **** ****.

John Honovich

IPVM | 12/14/19 12:06am

**** **** **** *** Resideo, *** ***** ** up **% ***** ***************** *** ** ******** down.

*** ***** ** ***** down **% ***** ***** public *** **'* * positive *******, ** ***** for ***.

****** ******* ** *** increasing ***** ** **** hedge **************** ******** ** *** stake ** *******,****** ~*.* ******* ****** since *** *** ************ was ****, *** ******** *.* million ******, ~*% ** Resideo's *****.

********** ***** ** ****** role** *** ****** **********, "******* ******* **** *** management ***** *** ****** of ***** ********* ** an ****** ** ****** and ******** ***** *** shareholders".

John Honovich

IPVM | 05/31/20 03:44pm

******* *** *** * permanent ***,**** ******. ****** ****** ** FLIR *** ** *****, ending * *-**** ***** as *** ** ****.

Undisclosed Manufacturer #12

In reply to John Honovich | 05/31/20 04:55pm

****, ** ***** ** has * **** ****** of **** *** ******** security ******* *** ************ background. **, ***** ***.

Undisclosed #8

05/31/20 04:01pm

* ***** *** ** a **** *****, *** for *******, * ***** that **** *** ******.

Dennis Raefield

Security Integration, inc.
05/31/20 06:00pm

** ***** *** *** every ***, *** ***** response *** **** *********. While *** ********* ******* Honeywell ****** *** ******* brands ** ***** ******* its *** *******, **** is * ********, ***** supplier **** ** *** need. ***** **** ******* its *** ******** ********* Anixter (**** ** ******* because **** **** ****** to *** *********).

***’* ***** **** **** work *** ***** ****** and *** **** ******* companies **** **** *** of *** ****.

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