Signify's Q3 core profit hit by weak China, professional segment in Europe (updated)

Signify

25/10/2024 06:29

(Adds context in paragraph 2, sales and outlook from paragraph
4)
       Oct 25 (Reuters) - Signify  LIGHT.AS , the world's
biggest maker of lights, on Friday reported third-quarter core
profit slightly below market expectations, hit with continued
weakness in China and its professional business in Europe.
    The Dutch group has been impacted by the gloomy economic
situation in Europe and greater price competition in China,
while also flagging potential tariff risks from the trade spat
among the United States, the European Union and China.
    Its adjusted earnings before interest, tax and amortisation
(EBITA) fell 8.7% from a year earlier to 161 million euros ($174
million), missing analysts' average forecast of 163 million
euros in a company-provided consensus.
    Quarterly sales declined 6.8% to 1.54 billion euros, in line
with market expectations, Signify added.
    Signify reiterated its outlook for the full year 2024.
    ($1 = 0.9242 euros)

 (Reporting by Leo Marchandon in Gdansk; editing by Milla Nissi)
 ((Leo.Marchandon@thomsonreuters.com;))