Signify: sales declined, but profit doubled
Signify, the former Philips-Lighting, based in Eindhoven, achieved sales of 1,478 m EUR in the first quarter of 2019, a decrease of 1.5% compared to 2018. However, net profit more than doubled from 20 m to 44 m EUR.
For the full year, the management expects that the profit engines, e.g. LED will be growing by 2 - 5% and reach an adjusted EBITA margin of 11 - 13%.
Philips remains a major shareholder in Signify, the independent publicly traded company, with a stake of 16.5%.