Signify Announces Third Quarter Results, Highlighting Growth in Horticulture and Connected Lighting Sectors

Signify has announced its Q3 results for fiscal year 2024, highlighting a gradual recovery despite a 6.8% year-over-year decline in sales, totaling 1.537 billion EUR. The company’s performance improved sequentially, attributed to a rebound in horticultural lighting, growth in connected lighting, and steady performance in its OEM and consumer sectors across various regions. Net income soared by 30.3% to 108 million EUR, while free cash flow was reported at 119 million EUR. Although challenges such as weakening demand in traditional business and the Chinese market persisted, Signify noted a year-over-year improvement trend, suggesting a decline of just 1.3% when these factors were excluded. The company has reorganized its business into four segments to enhance efficiency and customer focus, with horticultural lighting emerging as a key growth area. Looking ahead to Q4, Signify expects its adjusted EBITA margin to remain stable while preparing to scale back its Conventional lighting business.

Signify Announces Third Quarter Results, Highlighting Growth in Horticulture and Connected Lighting Sectors

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