October 25, 2019 / 5:27 AM / 23 days ago

Signify misses 3Q earnings targets, trims full year outlook

AMSTERDAM, Oct 25 (Reuters) - Signify, the world’s biggest lighting company, on Friday reported third quarter earnings that were slightly below analysts’ expectations.

Full year operating margins would be a little worse than expected, it added, citing “deteriorating market conditions.”

The company said it had adjusted earnings before interest, taxes, and amortisation (EBITA) of 138 million euros for the quarter ended Sept. 30 on sales of 1.54 million euros.

Analysts polled by the company had forecast adjusted EBITA of 175 million euros on sales of 1.55 billion euros.

In the same period a year ago, Signify had sales of 1.59 billion euros and adjusted EBITA of 191 million euros.

The company last week agreed to buy Cooper Lighting Solutions from Eaton Corp. for $1.4 billion in cash to boost its presence in North America, making its biggest acquisition since its 2006 initial public offering. (Reporting by Toby Sterling; Editing by Clarence Fernandez)

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