Philips Lighting: second-quarter sales down 2%.
(CercleFinance.com) - Philips Lighting announced on Friday second-quarter sales that were down 2%.
Even so, the group says it is still on track to achieve its outlook for 2017.
The Dutch maker of lighting systems reported second-quarter sales of 1.70 billion euros, compared to 1.73 billion euros in the same period a year ago.
The decline in comparable terms reached 1.8%.
However, the group's net income rose 28% to 73 million euros thanks to a sharp decrease in selling, general & administrative expenses (SG&A).
In its statement, the Eindhoven-based company said it was on track to further improve its adjusted EBITA margin by 50-100 basis points for the full year, and to deliver solid free cash flow.
The group - which remains "cautious," given global economic uncertainty, says that it is confident that it will return to positive comparable sales growth this year.
Listed on Euronext Amsterdam, this morning Philips Lighting shares were down 5.5% at under 31.8 euros after these comments.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Even so, the group says it is still on track to achieve its outlook for 2017.
The Dutch maker of lighting systems reported second-quarter sales of 1.70 billion euros, compared to 1.73 billion euros in the same period a year ago.
The decline in comparable terms reached 1.8%.
However, the group's net income rose 28% to 73 million euros thanks to a sharp decrease in selling, general & administrative expenses (SG&A).
In its statement, the Eindhoven-based company said it was on track to further improve its adjusted EBITA margin by 50-100 basis points for the full year, and to deliver solid free cash flow.
The group - which remains "cautious," given global economic uncertainty, says that it is confident that it will return to positive comparable sales growth this year.
Listed on Euronext Amsterdam, this morning Philips Lighting shares were down 5.5% at under 31.8 euros after these comments.
Copyright (c) 2017 CercleFinance.com. All rights reserved.