Signify shares soar as largely in-line Q3 provides relief

Signify

25/10/2024 08:23

** Dutch lighting company Signify NV  LIGHT.AS  jump almost
8% as a largely in-line Q3 report and expectations of
cost-cutting measures to bear fruit in Q4 provide relief to the
market
    ** Signify reports Q3 adj. EBITDA of 161 million euros 
($174.19 million), just a touch below 163 million euros seen in
company-compiled consensus, while sales of 1.54 billion euros
are in-line
    ** "After two quarters of material miss early in the year...
in-line results will be good enough today with prospect of
strong Q4," J.P.Morgan says
    ** "Given that the major cost savings should be back-end
loaded we expect bigger margin improvements only in Q4", UBS
analyst Sven Weier said 
    ** The company's shares are on track for their best day
since early March 2022, if gains hold
    ** At 23.72 euros, the shares are touching a 3-month high
    ** Prior to Friday's jump, Signify's shares were down 27.5%
YTD


($1 = 0.9243 euros)

 (Reporting by Leo Marchandon)
 ((Leo.marchandon@thomsonreuters.com))