Revenue of 1.69 billion euros! Philips Lighting Q1 earnings report released
On April 21, Philips Lighting announced its first quarter 2017 financial results. The company achieved revenue of 1.69 billion euros in January-March 2017, down 0.7% from 1.720 billion euros in the first quarter of 2016; adjusted EBITDA The previous profit was 142 million euros, compared with 121 million euros in the same period last year.
â–² Philips Lighting's main financial data for the first quarter of 2017
Eric Rondolat, CEO of Philips Lighting, said: "The decline in revenue in the first quarter of 2017 was slower than in previous quarters, driven by double-digit growth in LED lighting and home lighting systems."
The first quarter of 2017 financial report focus
Sales amounted to 1.69 billion euros, comparable to a 0.8% decline in sales, compared to the 1.3% decline in the first quarter of 2016, improved;
Overall LED sales increased by 19%, accounting for 61% of all business sales;
Business profitability continued to grow year on year;
The adjusted profit before interest, taxes, depreciation and amortization (Adjusted EBITA) was 142 million euros, compared with only 121 million euros in the same period last year;
Adjusted EBITA margin increased by 130 basis points to 8.4%, compared to 7.1% in the same period last year;
Net income reached 61 million euros, compared with only 14 million euros in the same period last year;
Free cash flow reached 2 million euros, compared with -7 million euros in the same period last year.
Outlook
In 2017, it is expected that the adjusted profit margin before interest, taxes, depreciation and amortization will further increase by 50-100 basis points, in line with the medium-term outlook that the company will gradually increase the adjusted profit margin before interest, taxes, depreciation and amortization to 11-13%. In addition, the company will continue to focus on providing solid free cash flow. While cautious about global economic uncertainty, the company is still committed to achieving the ambition of comparable growth in 2017.
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