Signify: quarterly results in line, but forecasts disappoint
(CercleFinance.com) - Signify published quarterly results on Friday that were pretty much in line with expectations, although its forecasts for 2024 were disappointing, with the stock down 4% this morning on the Amsterdam Stock Exchange.
The Dutch lighting specialist reported Q4 sales of E1.73bn, down 12.3% as reported.
Net profit came in at E59m, below the E86m posted a year ago.
While analysts welcomed the comfortable FCF generated by the company last year - E586m, up from E445m in 2022 - they considered its outlook somewhat disappointing.
For 2024, Signify said it was aiming for an adjusted Ebitda margin that is 0.5% better than the 10% recorded in FY 2023, while it ended Q4 with a margin of 12%.
And while the Group also announced an increase in its annual dividend, from E1.50 to E1.55, investors sulked at the share on Friday morning on Euronext Amsterdam, down over 4.5% at noon.
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