* Signify says components shortage to persist in second half
* World's largest lighting maker's Q2 results miss
* Shares drop 9% in early trading
AMSTERDAM, July 23 (Reuters) - Shares of Signify
fell as much as 9% early on Friday as the world's largest
lighting maker said a lack of parts had reduced output and the
problem could persist for many more months.
Other industry executives have already said a semiconductor
shortage could last well into 2022, as one-off purchases to meet
work-from-home needs drive demand.
Signify has also struggled to source other components,
including some metals and plastics.
Chief Executive Eric Rondolat said 85 million euros ($100
million) in sales had been missed in the first six months of the
"We could do more if we had more components," Rondolat told
reporters. "Recovery could come maybe in the fourth quarter,
probably in the beginning of next year. But it's a very tough
Signify shares rallied slightly to trade down 6.5% at 0750
GMT in Amsterdam. They are still up almost 25% since the start
of the year after a strong rally in recent months.
"Second quarter results were not as strong as expected (and)
Signify mentions supply constraints as a limiting factor," ING
analyst Marc Hesselink wrote in a note.
The company, formerly known as Philips Lighting, said
comparable sales were up 14% in the second quarter 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.
Adjusted earnings before interest, taxes, and amortisation
(EBITA) increased 32% to 175 million euros.
The improved results fell short of analyst expectations in a
Signify maintained its outlook for a 3% to 6% comparable
sales growth for 2021.
($1 = 0.8498 euros)
(Reporting by Bart Meijer; Editing by Jacqueline Wong,
Uttaresh.V and Barbara Lewis)