Signify’s Q3 results were still impacted by the pandemic, but not as much as the preceding quarter. The lighting company reported Q3 sales of 1.73 billion euros, a decrease of 8.3 percent compared to Q3 2019 when correcting for acquisitions made in the interim, whereas in Q2, comparable sales dropped 22.5 percent year-over-year. Nominally, sales were up 12 percent YOY in Q3, and net income increased from 75 million to 90 million euros.
“Amidst difficult market dynamics caused by the Covid-19 pandemic, this financial quarter we’re reporting yet another resilient performance underpinned by our consumer and connected lighting. Our gross margin improvement, through rigorous price management, translated into a higher operational margin,” CEO Eric Rondolat explained the improvement.
Even with only one quarter to, Signify is still not willing to provide full-year financial guidance. “Given the acceleration of the pandemic in many regions, we remain cautious about market developments but confident in our ability to further adapt, which we have demonstrated since the beginning of the year,” Rondolat said.