Lights maker Signify cuts 2022 outlook on lower consumer demand, China
10/28/2022 | 01:25am EST
(Reuters) - Signify, the world's biggest maker of lights, on Friday cut its full-year profit margin and sales guidance, citing lower consumer demand and a slowdown in China. The Dutch group, formed from the spin-off of Philips' lighting unit, said it now expects adjusted earnings before interest, taxes and amortisation (EBITA) margins and free cash flow to be at the lower end of its guidance.
Comparable sales growth will be between 2% and 3% for 2022, down from previous guidance of 3-6%.
Its range for adjusted EBITA margin is between 11.0% and 11.4% and free cash flow equal to 5% to 7% of sales.
(Reporting by Valentine Baldassari; editing by Josephine Mason)