Royal Philips ADRs Down 8% After 3Q Forecast

Date : 10/10/2019 @ 8:12PM
Source : Dow Jones News
Stock : Koninklijke Philips NV (PHIA)
Quote : 40.945  0.8 (1.99%) @ 10:00AM
Koninklijke Philips NV share price Chart

Royal Philips ADRs Down 8% After 3Q Forecast

Koninklijke Philips NV (NYSE:PHG)
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2 Months : From Sep 2019 to Nov 2019

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By Michael Dabaie

 

Royal Philips NV (PHG) ADRs were down 8% premarket, to $41.94.

The Netherlands-based health technology company said comparable order intake growth in the third quarter is expected to be flat on the back of 11% growth in the third quarter of 2018.

Group adjusted EBITA for the quarter is expected to be around 583 million euros ($642.8 million), or 12.4% of sales, compared to 13.2% a year earlier. The continued Adjusted EBITA margin improvement of the Diagnosis & Treatment and Personal Health businesses was more than offset by a 4.5 percentage point decline in the Adjusted EBITA margin of the Connected Care businesses, to 11.3% of sales, the company said. Philips cited increasing headwinds from tariffs.

Group sales for the quarter are expected to be about EUR4.7 billion, reflecting 6% comparable sales growth with all businesses contributing.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

October 10, 2019 07:57 ET (11:57 GMT)

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