Philips Launches EUR1.5 Billion Share-Buyback Program; 2Q Profit Hit by Provision
26 Luglio 2021 - 07:36AM
Dow Jones News
By Ian Walker
Koninklijke Philips NV on Monday launched a 1.5 billion euro
($1.77 billion) share buyback as it reported a fall in
second-quarter net profit after booking a provision against a
faulty component used in some sleep and respiratory-care products,
as previously flagged.
The Dutch health-technology company backed its full-year
guidance. It expects to deliver low-to-mid-single-digits comparable
sales growth for 2021. The company also said it expects to report
adjusted earnings before interest, taxes and amortization margin
improvement of 60 to 80 basis points.
Philips made a net profit attributable to shareholders of EUR150
million for the quarter ended June 30, compared with EUR208 million
for the same period last year. It booked a provision of EUR250
million.
Quarterly sales rose to EUR4.23 billion from EUR3.97 billion,
missing analysts' expectations for EUR4.19 billion taken from the
company's website. On a comparable basis, sales grew 9%, beating a
company-provided consensus estimate of 7.3%.
Adjusted Ebita--a metric that strips out exceptional and other
one-off items--was EUR532 million, compared with EUR390 million a
year earlier and a company-compiled consensus of EUR519 million,
Philips said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 26, 2021 01:36 ET (05:36 GMT)
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