Signify’s second-quarter core profit rises 32% despite supply issues By Reuters

© Reuters. FILE PHOTO: Signify’s logo is pictured at the headquarters in Eindhoven, Netherlands August 30, 2018. REUTERS/Piroschka van de Wouw

AMSTERDAM (Reuters) – Signify, the world’s largest lighting maker, reported on Friday a 32% jump in second-quarter core profit to 175 million euros ($206 million), though it continued to grapple with a shortage of semiconductors and other components.

Formerly Philips Lighting, Signify said comparable sales were up 14% from a year before — when the outbreak of the COVID-19 pandemic caused a deep slump — as consumer demand jumped, especially for networked lights that can be adjusted by mobile phone.

Demand for its professional light systems improved too, but was still constrained by lockdowns across the globe and ongoing supply chain problems.

Signify for months has faced a components shortage, including both semiconductors and other electronics used in lights, as well as of some metals and plastics.

The company said it expects these problems to persist in the second half of the year, but maintained its outlook for a 3% to 6% comparable sales growth for 2021.

Analysts polled by the company on average had predicted adjusted earnings before interest, taxes, and amortisation (EBITA) of 184 million euros, up from 133 million euros a year earlier.

($1 = 0.8498 euros)

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