Signify down on Q1 miss

G. Samdani Avatar



BUZZ-‘No light at the end of the tunnel’: Signify down on Q1 miss

** Shares in Signify LIGHT.AS fall c.7% after the world’s biggest maker of lights missed Q1 core profit expectations, hit by soft demand in China and weak performance in its European Professional segment

** Q1 adj. EBITA falls 18.3% to 122 mln euros ($130.78 million), missing company-compiled consensus of 131 mln

** Q1 adj. EBITA margin contracts to 8.3%, from 8.9% a year ago

** “No light at the end of the tunnel,” says J.P.Morgan adding that the weak Q1 indicates downside to consensus

** “We expect a significant negative share price reaction today as group performance shows no sign of bottoming out, and its cost actions are not yet driving any bottom-line impact,” – JPM

** Q1 sales fall 12.5% to 1.47 billion euros

** Shares head for their worst day in about a year, if losses hold

Reporting by Olivier Sorgho

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *