Signify N.V. (SFFYF), a Dutch lighting system, software, and related service provider, on Friday reported a surge in net profit for the fourth quarter, helped by lower restructuring and others costs. However, the company registered a decline in sales, amidst a negative currency effect of 1.8 percent, and softness in Chinese and European markets.
For the three-month period to December 2024, Signify registered a net profit of 116 million euros, or 0.91 euro per share, higher than 56 million euros, or 0.44 euro per share, recorded for the same period last year. Profit before tax stood at 156 million euros as against the prior year's 71 million euros.
Income from operations surged to 179 million euros from 89 million euros in 2023.
Restructuring costs were 30 million euros, compared with 83 million euros a year ago. Selling, general, and administrative expenses were 438 million euros, lower than 503 million euros a year ago. Cost of sales also moved down to 1.002 billion from the previous year's 1.048 billion euros.
Sales slipped to 1.655 billion euros from last year's 1.734 billion euros. For 2024, Signify will pay a cash dividend of 1.56 euro per share, higher than last year's 1.55 euros per share.
Signify has also announced a share repurchase of 350 million euros to 450 million euros of shares until the end of 2027. With this, the company intends to repurchase up to 150 million of shares to be completed by the end of 2025, starting from the first quarter. This will include an allocation of around 30 million euros to cover share-based remuneration obligations, with the remainder allocated for the cancellation of shares.
Looking ahead, for the full-year 2025, the company expects sales momentum to build throughout the year, leading to low single digit comparable sales growth, excluding Conventional.
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