Signify: results show 'resilience' in pandemic

(CercleFinance.com) - Signify, the world's largest light maker, announced "resilient performance" in the third quarter, despite difficult market conditions stemming from the COVID-19 pandemic.


Driven by consumer and connected lighting, sales rose by 12% to 1.7 billion euros, the Dutch company said.

On a comparable basis, which takes into account currency effects and changes in consolidation scope, sales decreased by 8.3%, it noted.

Net income for the quarter rose to 90 million euros, from 74 million last year, helped by price management, which resulted in a higher operating margin, the group also pointed out.

Given recent developments in the pandemic, Signify did not provide any financial guidance for full-year 2020.

CEO Eric Rondolat said that "Given the acceleration of the pandemic in many regions, we remain cautious about market developments".

The Amsterdam-listed shares were pretty flat (-0.1%) after this report.

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