Philips Lighting reports comparable sales growth of 1.3% and continued improvement in operational profitability

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Overig advies 19/10/2017 07:06
Philips Lighting reports comparable sales growth of 1.3% and continued improvement in operational profitability

Third quarter 2017 highlights
Sales of EUR 1,684 million, with an increase in comparable sales of 1.3%
Total LED-based sales growth of 22%, now representing 68% of total sales (Q3 2016: 56%)
Adjusted EBITA of EUR 176 million (Q3 2016: EUR 175 million)
Adjusted EBITA margin improvement of 50 basis points to 10.5% (Q3 2016: 10.0%)
Net income of EUR 110 million (Q3 2016: EUR 51 million)
Free cash flow of EUR -5 million (Q3 2016: EUR 164 million)

Eindhoven, the Netherlands - Philips Lighting (Euronext: LIGHT), the world leader in lighting, today announced the company's third quarter results 2017. "In line with our objectives, Philips Lighting returned to comparable sales growth in the quarter. For the first time in our transformation, the growth of LED and connected lighting systems & services more than offset the decline of our conventional business," said CEO Eric Rondolat. "At the same time, we continued to improve our profitability, with LED and connected lighting systems & services being substantial contributors. This demonstrates the successful execution of our strategy as we remain on track to reach our outlook for 2017."

Financial review
Third quarter First nine months
2016 2017 change in € million, except percentages 2016 2017 change
1,745 1,684 -3.5% Sales 5,181 5,073 -2.1%
1.3% Comparable sales growth -0.4%
-3.5% Effects of currency movements -0.5%
-1.3% Consolidation and other changes -1.1%
692 674 -2.7% Adjusted gross margin 2,019 2,021 0.1%
39.7% 40.0% Adj. gross margin (as % of sales) 39.0% 39.8%
-467 -437 Adj. SG&A expenses -1,410 -1,386
-81 -85 Adj. R&D expenses -254 -254
-548 -522 4.7% Adj. indirect costs -1,664 -1,640 1.4%
31.4% 31.0% Adj. indirect costs (as % of sales) 32.1% 32.3%
175 176 0.7% Adjusted EBITA 457 492 7.7%
10.0% 10.5% Adjusted EBITA margin (%) 8.8% 9.7%
-55 14 Adjusted items -114 -40
120 191 59.0% EBITA 343 452 31.8%
93 161 73.0% Income from operations (EBIT) 260 367 41.0%
-12 -10 Net financial income/expense -55 -32
-30 -42 Income tax expense -84 -91
51 110 114.8% Net income 122 244 99.7%
164 -5 Free cash flow 146 -30
0.37 0.80 Basic EPS (€) 0.83 1.74
34,251 33,422 461010 Employees (FTE) 34,251 33,422

Outlook
Achieving positive comparable sales growth in the third quarter is an important step in the improvement of the growth profile of the company. We are on track to 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. In addition, we expect a strong free cash flow in the fourth quarter based on a substantial reduction in inventories.

zie voor meer op
http://www.lighting.philips.com/resources/quarterlyresults/2017/q3_2017/philips-lighting-third-quarter-results-2017-report.pdf

tijd 09.55
Philpis L. EUR 32,62 -1,07 vol. 289.448



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