Signify Posts Financial Results of 1Q19 with Sales Growth

Signify reported a profit growth in the first quarter of 2019 which ended by March 31. Adjusted EBITA came to EUR 115 million (US$128.34 million), increased by 8.8%YoY. Net income of 1Q19 doubled from EUR 20 million (US$22.33 million) last year to EUR 44 million (US$49.1 million) as a result of better operational profitability and lower restructuring costs.

Sales amount of Signify for the first quarter was EUR 1,478 million (US$ 1.65 million), with an on-year increase of 1.1% after currency adjustment. LED-based sales were up by 3.6% in comparison to 1Q18 and accounted for 73% of sales currently.

Signify CEO Eric Rondolat noted, “We are satisfied with the 1.1% sales growth of our growing profit engines in the first quarter, against the backdrop of headwinds in China and Europe. Continued progress in our simplification actions resulted in a further improvement in our profitability, and our free cash flow remained solid. While market conditions remain challenging, we continue to invest in our growth platforms and rigorously improve our operational efficiency.”

The company also confirmed its 2019 outlook with an expectation of sales growth in the rage of 2 to 5% and an adjusted EBITA margin in a range of 11 to 13% in 2019. Meanwhile, Signify sees a decline for its Lamps business by -21 to -24%.

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