April 24, 2020 / 5:46 AM / a month ago

CORRECTED-Lighting maker Signify Q1 net profit falls 39%

(Corrects sales figure in paragraph 2 to billions not millions)

AMSTERDAM, April 24 (Reuters) - Signify NV, the world’s largest maker of lights, on Friday reported falling sales and profits for the first quarter as the impact of the coronavirus pandemic offset its acquisition of Cooper Lighting.

Net profit at the company, the former lighting operations of Philips, was 27 million euros ($29 million), down from 44 million euros a year earlier. Sales fell 3.5% to 1.43 billion euros. Signify’s $1.4 billion purchase of Cooper, announced last year, was consolidated from March. 2

CEO Eric Rondolat said in a statement the company had moved to protect employees and supply lines amid the coronavirus pandemic but expects “demand to be further impacted” in the second quarter and withdrew previous financial guidance of a full-year improvement in EBITA margin. ($1 = 0.9288 euros) (Reporting by Toby Sterling; Editing by Himani Sarkar)

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