Philips: delivers earnings beat, reiterates guidance
(CercleFinance.com) - Philips reported better-than-expected quarterly results, thanks to a stronger performance at its key diagnosis and treatment business, prompting the share to jump in on Monday.
Second-quarter net profit jumped to 249 million euros, from just 2 million euros a year ago.
Operating profit - or earnings before interest, taxes and amortisation (EBITA) - was 440 million euros, up from 430 million euros, compared with an average forecast of 439 million euros.
Sales in the quarter amounted to 4.7 billion euros, with 6% comparable sales growth, compared with the consensus of 4.6 billion euros, the group said.
The Dutch company's closely watched medical systems division (Diagnosis & Treatment) saw comparable sales increase 6% to 2.1 billion euros, against the consensus of 2 billion euros.
Philips said it continues to expect performance momentum to further improve in the second half of the year, and maintained its target of 4%-6% comparable sales growth per year for 2017-2020.
The stock was up almost 4% after these results on Euronext Amsterdam.
Philips shares have risen by 6% over the last 12 months, underperforming the European technology index STOXX Europe 600 Technology, which is up 25%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Second-quarter net profit jumped to 249 million euros, from just 2 million euros a year ago.
Operating profit - or earnings before interest, taxes and amortisation (EBITA) - was 440 million euros, up from 430 million euros, compared with an average forecast of 439 million euros.
Sales in the quarter amounted to 4.7 billion euros, with 6% comparable sales growth, compared with the consensus of 4.6 billion euros, the group said.
The Dutch company's closely watched medical systems division (Diagnosis & Treatment) saw comparable sales increase 6% to 2.1 billion euros, against the consensus of 2 billion euros.
Philips said it continues to expect performance momentum to further improve in the second half of the year, and maintained its target of 4%-6% comparable sales growth per year for 2017-2020.
The stock was up almost 4% after these results on Euronext Amsterdam.
Philips shares have risen by 6% over the last 12 months, underperforming the European technology index STOXX Europe 600 Technology, which is up 25%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.