Philips: stock slips on lacklustre outlook
(CercleFinance.com) - Philips shares are down 1% in early Monday morning trading in Amsterdam, weighed on by a lacklustre outlook for the end of the year due to continued uncertainty over Covid-19 and supply chain disruptions.
The medical technology provider now expects "low single-digit" like-for-like sales growth and a "modest improvement" in its adjusted EBITA margin for the full year.
By comparison, three months ago the Dutch group was targeting a 60-bp improvement in its adjusted EBITA margin, as well as organic revenue growth of between 0% and 5%.
Its Q3 2021 adjusted EBITA margin contracted by 3.2% year-on-year to 12.3%, on sales of 4.2 billion euros, down 7.6% on a comparable basis, due to difficulties in logistics and a major product recall.
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The medical technology provider now expects "low single-digit" like-for-like sales growth and a "modest improvement" in its adjusted EBITA margin for the full year.
By comparison, three months ago the Dutch group was targeting a 60-bp improvement in its adjusted EBITA margin, as well as organic revenue growth of between 0% and 5%.
Its Q3 2021 adjusted EBITA margin contracted by 3.2% year-on-year to 12.3%, on sales of 4.2 billion euros, down 7.6% on a comparable basis, due to difficulties in logistics and a major product recall.
Copyright (c) 2021 CercleFinance.com. All rights reserved.