Lighting maker Signify’s Q4 profit up despite high raw material costs
3:17 am Friday, January 28th, 2022
AMSTERDAM (Reuters) – Signify NV, the world’s largest lighting maker, reported a 6% increase in fourth-quarter core earnings on Friday, as higher sales offset a rapid increase in the prices of raw materials and components.
Adjusted earnings before interest, taxes and amortisation (EBITA) came in at 265 million euros ($295.6 million) in the last three months of 2021, as comparable sales rose 4.5% to 2 billion euros.
Signify said it expected comparable sales to grow 3% to 6% this year, with an adjusted EBITA margin of up to 12.1%, from 11.6% in 2021.
“While we expect uncertainty to remain high in the first half of this year, we’re confident that we will manage this volatility” Chief Executive Officer Eric Rondolat said.
Signify, the former lighting arm of Philips, sells mostly LED lights and lighting systems to both consumers and businesses.
($1 = 0.8965 euros)
(Reporting by Bart Meijer; Editing by Shounak Dasgupta)
