Philips Lighting 1Q Net Profit, Sales Fell
26 Abril 2018 - 12:51AM
Noticias Dow Jones
By Carlo Martuscelli
Philips Lighting NV (LIGHT.AE) said Thursday that first-quarter
net profit fell 67% in the first quarter as sales decreased due to
the poor performance of its home division.
The Dutch lighting company, which was spun off from Koninklijke
Philips NV (PHIA.AE), posted a net profit of 21 million euros
($25.6 million) for the quarter ended March 31 compared with EUR64
million in the first quarter of 2017. Sales decreased 11% to
EUR1.50 billion.
Lower operational profitability, higher restructuring costs of
EUR29 million, and a real-estate gain which was booked in the first
quarter of 2017 contributed to the decline in net profit, Philips
Lighting said.
Sales fell by 3.5% on a comparable basis.
Chief Executive Eric Rondolat said that a weak performance in
the company's home division--particularly in the U.S.--contributed
to the soft start of the year. The division reported a 13% decrease
in sales revenue.
The company said it is targeting increasing in its adjusted
Ebita margin to 10.0% to 10.5% from 9.6%. It said it aims for
comparable sales growth in the full year on the basis of a strong
second half.
Philips Lighting said it expects that free cash flow in 2018
will be lower than 2017 due to restructuring payments.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
April 26, 2018 01:36 ET (05:36 GMT)
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