(CercleFinance.com) – Signify took a heavy hit on the stock market on Wednesday after announcing first quarter results below market forecasts which were already considered very cautious.
Its adjusted Ebita for the first three months of the year thus fell to 149 million euros, against 187 million euros a year earlier, while analysts were expecting an average of 161 million euros.
Its Ebita margin fell to 8.9% against 10.5% a year earlier.
In published data, its sales fell by 6.1% to 1.7 billion euros, but the decline reached 9.1% on a comparable basis.
The lighting specialist has confirmed its annual targets, still counting on an adjusted Ebitda margin of between 10.5% and 11.5% for the full year.
‘Achieving this objective nevertheless remains largely dependent on a significant increase in sales volumes over the second half of the year, a scenario which seems very hypothetical to us given the current fears of recession’, reacted a specialist in the value.
Signify, a former subsidiary of Philips, sells lamps and LED lighting systems for homes, offices, businesses and cities.
Following this publication, the title Signify fell by 9.4% on Wednesday on the Amsterdam Stock Exchange.
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