Signify Q1 Net Income Plummets to €8M

Signify NV reported Q1 net income of €8 million, down from €67 million YoY, due to €63 million restructuring charges.
Sales fell 5.1% to €1.27 billion on a comparable basis, and adjusted EBITA margin slipped to 6.5% from 8%.
Free cash flow rose to €47 million from €40 million; company kept EBITA margin outlook 7.5‑8.5% and free cash flow target 6.5‑7.5% of sales.
Shares fell after the earnings release as weak demand and restructuring costs weighed on performance.