Signify: shares fall after profit warning
(CercleFinance.com) - Signify shares are down almost 2% on Friday after the Dutch lighting group warned that it would not meet its 2019 financial target.
Citing continuing deteriorating market conditions, Signify said that it will be able to improve its adjusted EBITA margin in 2019, albeit "somewhat less than previously anticipated."
Signify now expects its adjusted EBITA margin to be in a range of 10.3% to 10.6%.
The news weighed on the company's shares on Friday, with analysts saying that the warning was "no big deal," although "still not encouraging".
For the third quarter, Signify reported sales of 1.5 billion euros, down 3%, with an operating margin of 11%, vs. 12% in the same period last year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Citing continuing deteriorating market conditions, Signify said that it will be able to improve its adjusted EBITA margin in 2019, albeit "somewhat less than previously anticipated."
Signify now expects its adjusted EBITA margin to be in a range of 10.3% to 10.6%.
The news weighed on the company's shares on Friday, with analysts saying that the warning was "no big deal," although "still not encouraging".
For the third quarter, Signify reported sales of 1.5 billion euros, down 3%, with an operating margin of 11%, vs. 12% in the same period last year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.