Signify announced the company’s 2020 second quarter results with sales of EUR 1.469 billion (US$ 1.7 billion). Comparable sales decreased by 22.5% due to the COVID-19 impact. However, the company still managed to maintain a profitable adjusted EBITA margin of 9%.

(Image: Signify)

The company also reported a net income of EUR 81 million (US$ 94.03 million) which increased by 61.5% YoY as a result of lower restructuring costs and one-time non-cash tax benefits from changes in the organizational structure.
LED-based sales accounted for 80% of total sales of Signify with its digital products and solutions. Meanwhile, conventional products also showed solid performance with strong demands for UVC lighting and horticulture lighting.
The COVID-19 pandemic has boosted the demand for disinfecting applications, consequently, Signify invested in UVC products to meet the needs. The company has expended its UVC product families for air, surfaces and objects disinfection for professional markets. Signify also acquired GLA to complement portfolio with upper-room air disinfection luminaires.
As for second half of the year, Signify did not provide further financial guidance given the persistent uncertainty about the future course of the pandemic, and the length and depth of the impact on the global economy.