Philips 2Q Net Profit Fell; Sees Return to Growth in 2nd Half
20 Luglio 2020 - 7:49AM
Dow Jones News
By Adria Calatayud
Koninklijke Philips NV said Monday that net profit for the
second quarter fell, but exceeded expectations, and that it
continues to expect to return to sales growth and improved
profitability in the second half of the year.
The Dutch medical-technology company said the coronavirus
pandemic caused a steep decrease in consumer demand and
postponement of installations in hospitals, as well as elective
procedures, which hit its personal health and diagnosis and
treatment segments. However, the company said it continues to aim
for a modest comparable sales growth and improvement in adjusted
earnings before interest, taxes and amortization margin.
Net profit for the quarter was 208 million euros ($237.7
million) compared with EUR243 million for the year-earlier period,
the company said. Analysts had expected a quarterly net profit of
EUR92 million, according to a consensus provided by the
company.
Second-quarter sales fell to EUR4.40 billion from EUR4.67
billion a year before, Philips said. This was ahead of analysts'
forecasts of EUR4.35 billion, according to a company-provided
consensus. Comparable sales fell 6%, against analysts' expectations
of a 7.1% decline.
Comparable order intake increased 27% in the quarter, the
company said.
Adjusted Ebita margin was 9.5%, down from 11.8% a year earlier,
Philips said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 20, 2020 01:34 ET (05:34 GMT)
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