Light maker Signify's Q1 core earnings miss forecast on soft China demand (updated)

Signify

26/04/2024 06:29

(Adds CEO quote, sales figure, and outlook)
       April 26 (Reuters) - Signify  LIGHT.AS , the world's
biggest maker of lights, reported on Friday a first-quarter
adjusted core profit that missed expectations, dented by soft
demand in China.
    Adjusted earnings before interest, taxes and amortisation
(EBITA) fell 18.3% to 122 million euros ($130.78 million),
falling short of the 131 million euros expected on average by
analysts in a company-compiled consensus.
    "In the first quarter, we saw improving dynamics in our   
U.S. Professional, OEM and Consumer businesses, while the market
in China remained soft    and the European Professional business
was substantially below our expectation," CEO Eric Rondolat said
in a statement.
    Nominal sales in the quarter fell 12.5% to 1.47 billion
euros, the group said, while reaffirming its 2024 outlook.
    The company expects annual adjusted core profit margin in
the range of 10.5% to 11.5%.
        
  
        ($1 = 0.9328 euros)

 (Reporting by Olivier Sorgho; Editing by Jamie Freed and Sherry
Jacob-Phillips)
 ((Olivier.Sorgho@thomsonreuters.com;))