Q2 2024 Signify NV Earnings Call Transcript
Key Points
- Increased the installed base of connected light points to 136 million.
- LED-based sales accounted for 86% of total sales, up from 84% a year ago.
- Net income rose to EUR63 million from EUR45 million in Q2 last year.
- Free cash flow was EUR51 million, despite higher restructuring payouts and cash outflows from working capital.
- Sustainability efforts are ahead of schedule, with significant progress in reducing greenhouse gas emissions and increasing circular revenues.
- Comparable sales declined by 8.4%, impacted by the accelerated decline of conventional lighting and soft market conditions in Europe and China.
- Adjusted EBITA margin decreased by 40 basis points to 7.9%, due to gross margin expansion being offset by fixed costs.
- Professional business sales declined by 8.3%, mainly due to softness in Europe and China.
- Consumer business sales declined by 2.4%, primarily due to lower sales in China.
- Conventional business sales dropped by 27.6%, with the adjusted EBITA margin declining by 420 basis points to 15.7%.
(Audio in progress) Signify's second quarter and half year results 2024.
(Operator instructions)
I am pleased to present Eric Rondolat, CEO; Zelko Kosonovic, CFO; Thelke Gerdes, Head of IR. Please go ahead with your meeting.
Good morning, everyone, and welcome to Signify's earnings call for the second quarter 2024. With me today are Eric Rondolat, CEO of Signify; and Zeljko Kosanovic, CFO. During this call, Eric will first take you through the second quarter highlights, after which Zeljko will present the company's second quarter financial performance and highlights for the first half of the year. Eric will then come back to discuss the outlook for the remainder of the year. After that, we will be happy to take your questions.
Our press release and presentation were published at 7 o'clock this morning. Both documents are available for download from our Investor Relations website. The transcript of this conference call will be made available as soon as possible.
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