#Signify #reports #quarter #sales #EUR #billion
Press Release
October 28, 2022
Signify reports third quarter sales of EUR 1.9 billion, comparable sales growth of 4.3% and an operational profitability of 10.4%
Third quarter 20221
- Signify’s installed base of connected light points increased from 103 million in Q2 22 to 109 million in Q3 22
- Sales of EUR 1,912 million; nominal sales increase of 16.3% and CSG of 4.3%
- LED-based sales represented 83% of total sales (Q3 21: 83%)
- Adj. EBITA margin of 10.4% (Q3 21: 11.1%)
- Net income of EUR 112 million (Q3 21: EUR 94 million)
- Free cash flow of EUR 135 million (Q3 21: EUR 85 million)
- Net debt/EBITDA ratio of 1.5x (Q3 21: 1.8x)
Eindhoven, the Netherlands – Signify (Euronext: LIGHT), the world leader in lighting, today announced the company’s third quarter 2022 results.
“In the third quarter, we delivered solid topline growth in an increasingly volatile environment. The strong performance of our professional business compensated lower consumer demand and the continued slowdown in China. We managed to improve profitability compared to the second quarter despite the impact of energy costs and currency movements. As expected, our free cash flow generation strengthened, driven by improved profitability and the stabilization of our working capital. Given the uncertain near-term outlook, the continued softness of the consumer segment and of the Chinese market, we now expect to achieve comparable sales growth between 2% and 3% for the full year 2022. Regarding the adjusted EBITA margin and free cash flow, we are targeting the lower end of both guidance ranges,” said CEO Eric Rondolat.
“As we enter the final quarter of 2022, we have shifted gears to adapt the company to a structurally weaker external environment in the coming quarters, when current headwinds and volatility are likely to persist. We will therefore focus on measures to control costs and cash flow, in line with our track record of delivering margin expansion and strong free cash flow generation in…
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