Philips 4Q Sales Hurt by Supply-Chain Issues, Customer Equipment Delays
12 Gennaio 2022 - 7:59AM
Dow Jones News
By Ian Walker
Koninklijke Philips NV said Wednesday that sales for the last
quarter of the year were below its expectations, blaming global
supply-chain shortages and the postponement of customer equipment
installations.
The Dutch health-technology group said group sales for the
fourth quarter of 2021 are expected to be about 4.9 billion euros
($5.57 billion), around EUR350 million below the company's previous
expectations. For the year, sales are now expected to fall 1% on a
comparable basis to EUR17.2 billion.
Group adjusted earnings before interest taxes and
amortization--one of the company's preferred metrics, which strips
out exceptional and other one-off items--is expected to be EUR650
million, making EUR2.1 billion for the year.
Philips said it expects to book EUR420 million of charges for
the quarter, a rise of EUR315 million from previous estimates.
Still, the company said its comparable order intake grew 4% in
the fourth quarter with double-digit-growth in the diagnosis &
treatment businesses.
"We are closely working with suppliers and governments to
address the shortages in the healthcare supply chain and ensure
they recognize the importance of prioritizing life-saving medical
equipment," Chief Executive Frans van Houten said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 12, 2022 01:44 ET (06:44 GMT)
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