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Philips Lighting’s Second Quarter Results 2017 Sep 26, 2017

Philips Lighting reports second quarter sales of EUR 1.7 billion and operational profitability of 10.2%

Second quarter 2017 highlights

·         Sales of EUR 1,699 million, with a decline in comparable sales of 1.8% 

·         Total LED-based sales growth of 14%, now representing 63% of total sales (Q2 2016: 53%)

·         Adjusted EBITA of EUR 174 million (Q2 2016: EUR 161 million)

·         Adjusted EBITA margin of 10.2% (Q2 2016: 9.3%)

·         Net income of EUR 73 million (Q2 2016: EUR 57 million) 

·         Free cash flow of EUR -27 million (Q2 2016: EUR 60 million)


Half year
 2017 highlights

·         Sales amounted to EUR 3,389 million, with a decline in comparable sales of 1.3% 

·         Total LED-based sales growth of 17%, now representing 62% of total sales (H1 2016: 52%)

·         Adjusted EBITA of EUR 317 million (H1 2016: EUR 282 million)

·         Adjusted EBITA margin of 9.4% (H1 2016: 8.2%) 

·         Net income of EUR 134 million (H1 2016: EUR 71 million) 

·         Free cash flow of EUR -26 million (H1 2016: EUR -18 million)

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(Image: Philips Lighting)


Philips Lighting announced the company’s 2017 second quarter results. “I am pleased that our LED, Professional and Home businesses posted solid operating margin increases, while Lamps maintained its high level of profitability,” said CEO Eric Rondolat.  “In the first half of the year, our growth profile improved and our profitability continued to increase.  This demonstrates the successful implementation of our strategy and reinforces our confidence that we are on track to achieve our outlook for 2017.”

 

Outlook

 

We are on track to further improve our Adjusted EBITA margin by 50-100 basis points for the full year, excluding a EUR 15 million real estate gain in the second quarter, and to deliver solid free cash flow.  While we are cautious given global economic uncertainty, we are confident that we will return to positive comparable sales growth in the course of this year.