Philips Lighting Reports Earnings Results for the Fourth Quarter and Full Year 2016; Provides Earnings Guidance for the Year 2017
For the year, sales were EUR 7,115 million compared to EUR 7,465 million a year ago. Adjusted EBITA of EUR 645 million compared to EUR 547 million a year ago. EBITA was EUR 479 million compared to EUR 438 million a year ago. Income from operations was EUR 369 million compared to EUR 331 million a year ago. Net income was EUR 185 million compared to EUR 240 million a year ago. Free cash flow was EUR 632 million compared to EUR 418 million a year ago. Basic EPS was EUR 1.26.
For the 2017, the company expects further improvement in adjusted EBITA margin by approximately 50-100 basis points, in line with medium term outlook to gradually improve the adjusted EBITA margin to 11-13%. The company also remains committed to delivering solid free cash flow. The company remains committed to ambition to return to positive comparable sales growth in the course of this year.