Royal Philips 2Q Net Profit Beat Views as Sales Rose

Date : 07/22/2019 @ 6:49AM
Source : Dow Jones News
Stock : Koninklijke Philips NV (PHIA)
Quote : 43.645  0.0 (0.00%) @ 6:15AM

Royal Philips 2Q Net Profit Beat Views as Sales Rose

Koninklijke Philips NV (EU:PHIA)
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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)

Copyright (c) 2019 Dow Jones & Company, Inc.


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