Royal Philips 2Q Net Profit Beat Views as Sales Rose
July 22 2019 - 1:49AM
Dow Jones News
By Adria Calatayud
Koninklijke Philips NV (PHIA.AE) said Monday that second-quarter
net profit beat analysts' expectations, as both sales and margins
rose thanks to strong performances at its diagnosis and treatment
businesses.
The Dutch technology company made a net profit of 243 million
euros ($272.6 million) in the second quarter, ahead of analysts'
forecasts of a net profit of EUR239 million, according to a
consensus compiled by the company.
Net profit from continuing operations rose to EUR260 million
from EUR186 million a year before, the company said.
Quarterly sales increased to EUR4.67 billion from EUR4.29
billion in the year-earlier period, Philips said. Analysts expected
sales of EUR4.59 billion, according to a company-provided
consensus.
Comparable sales rose 6% in the quarter, exceeding analysts'
forecasts of a 4.5% increase.
Philips's adjusted earnings before interest, taxes and
amortization for the quarter grew 12% at EUR549 million, with a
margin of 11.8%, it said. Analysts forecast an adjusted Ebita of
EUR542 million at a margin of 11.8% of sales.
The company reiterated its targets for the 2017-2020 period of
4-6% comparable sales growth and an average annual 100 basis points
improvement in adjusted Ebita margin.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
July 22, 2019 01:34 ET (05:34 GMT)
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