'No light at the end of the tunnel': Signify down on Q1 miss

Signify

26/04/2024 08:17

** Shares in Signify  LIGHT.AS  fall c.7% after the world's
biggest maker of lights missed Q1 core profit expectations, hit
by soft demand in China and weak performance in its European
Professional segment 
    ** Q1 adj. EBITA falls 18.3% to 122 mln euros ($130.78
million), missing company-compiled consensus of 131 mln
    ** Q1 adj. EBITA margin contracts to 8.3%, from 8.9% a year
ago
    ** "No light at the end of the tunnel," says J.P.Morgan
adding that the weak Q1 indicates downside to consensus 
    **  "We expect a significant negative share price reaction
today as group performance shows no sign of bottoming out, and
its cost actions are not yet driving any bottom-line impact," -
JPM
    ** Q1 sales fall 12.5% to 1.47 billion euros  
    ** Shares head for their worst day in about a year, if
losses hold






 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))