- CEO Eric Rondolat said the issues were "transitory" and noted the company's order backlog was up 90% from a year ago on strong demand, but the company's full-year earnings would likely be at the low end of its forecast range for 3%-6% sales growth.
- Sales in the third quarter were down 4.8% to 1.64 billion euros.
- Signify, the former lighting arm of Philips, sells mostly LED lights and lighting systems to both consumers and businesses.
Signify NV, the world's largest lighting maker, on Friday reported worse-than-expected third-quarter core earnings of 182 million euros ($212 million), an 8.4% decline from the year before, saying it had been hit by supply chain issues and component shortages.
CEO Eric Rondolat said the issues were "transitory" and noted the company's order backlog was up 90% from a year ago on strong demand, but the company's full-year earnings would likely be at the low end of its forecast range for 3%-6% sales growth.
Sales in the third quarter were down 4.8% to 1.64 billion euros.
"We believe that these unprecedented supply chain issues are transitory and are confident in our ability to convert demand into sales growth as the situation stabilizes," Rondolat said in a statement.
Analysts had expected adjusted earnings before interest, taxes and amortization (EBITA) for the three months ended Sept. 30 of 198 million euros, according to a company-compiled poll, compared with 199 million euros in the same period a year earlier.
Signify, the former lighting arm of Philips, sells mostly LED lights and lighting systems to both consumers and businesses.
"Given its international production footprint and supplier base, Signify has been materially exposed to the global shortage of electronic components, regional lockdowns and global logistics challenges, including container shortages and port congestions," the company said in a statement.
Signify estimated its sales were reduced by more than 100 million euros as a result.
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