Philips Lighting announced the company’s 2017 first quarter results.
"Our comparable sales growth improved in comparison to previous quarters, driven by double-digit growth in our business groups LED and Home and a return to growth in Europe and the Rest of the World, despite ongoing challenging conditions in some markets," said CEO Eric Rondolat.
"We continued to increase our operational profitability and free cash flow compared to the first quarter of last year, demonstrating the rigorous implementation of our strategy.
"These results reinforce our confidence that the company is well positioned to achieve its 2017 outlook and medium term goals," Rondolat added.
On a comparable basis, the decline in sales slowed to -0.8%, an improvement compared to previous quarters. Europe and the Rest of the World delivered growth, while the Americas was impacted by an accelerated decline in conventional lighting and softer market conditions.
Business groups LED and Home achieved double-digit growth, driving total LED-based sales growth of 19% and total LED based-sales now representing 61% of total sales.