By Dean Seal

 

Royal Philips NV's American depositary receipts fell more than 9.4% to a 52-week low of $20.05 Monday after the company reported a swing to a net loss in the second quarter.

The Dutch health-technology company said that pandemic-related lockdowns in China, inflationary pressures and the Russia-Ukraine war contributed to the swing to a loss of 22 million euros ($22.5 million) for the quarter, compared with a net profit of EUR150 million a year earlier.

Quarterly sales fell to EUR4.18 billion from EUR4.23 billion.

The company cut its full-year comparable sales growth guidance to 1% to 3% from a previous forecast of 3% to 5%, but said it still expects to deliver growth and profitability improvement from the second half of 2022 onward.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

July 25, 2022 13:04 ET (17:04 GMT)

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