By Adria Calatayud
Signify NV said Friday that net profit for the third quarter rose and exceeded expectations, as its acquisition of Cooper Lighting boosted sales, but added that it remains cautious due to a recent acceleration of the coronavirus pandemic.
The Dutch lighting company made a net profit of 85 million euros ($100.5 million) in the quarter compared with EUR73 million for the same period last year. Analysts expected a quarterly profit of EUR64 million, according to a consensus provided by the company.
Sales for the third quarter rose 12% to EUR1.73 billion. Comparable sales fell 8.3%, against consensus expectations of a 12% decline.
Signify's adjusted earnings before interest taxes and amortization margin--which excludes exceptional costs--was up by 50 basis points at 11.5%. Analysts expected a margin of 10.4%.
The company said Cooper Lighting's integration and synergies are ahead of plan.
Signify didn't provide guidance for the full year, citing coronavirus-related uncertainty.
"Given the acceleration of the pandemic in many regions, we remain cautious about market developments, but confident in our ability to further adapt, which we have demonstrated since the beginning of the year," Chief Executive Eric Rondolat said.