Signify, the former Philips Lighting, reveals that H2 2019 got off to a bumpy start. The Eindhoven-based illumination expert released its Q3 2019 earnings statement showing it did 1.54 billion in sales, down 3.3 percent from Q3 2018. The lighting company also reported a net income of 74 million, which is a decline of more than 20 percent compared to the same quarter last year.
Attributing these results to the continued deterioration of market conditions, Signify CEO Eric Rondolat remains positive. “We’re pleased with the comparable sales growth and improved operational profitability of our growing profit engines in the third quarter, against the backdrop of ongoing economic headwinds across the world.” Rondolat continues, “We remain confident that we’ll be able to improve our profitability for 2019, albeit somewhat less than we previously anticipated.”