Companies Koninklijke Philips NV Follow
July 24 (Reuters) – Dutch health technology company Philips (PHG.AS) on Monday slightly raised its full-year targets after posting a bigger-than-expected jump in second-quarter core earnings thanks to better supply chains, a strong order book and efficiency measures.
The Amsterdam-based group, a former industrial conglomerate that now focuses on medical technology, reported adjusted earnings before interest, taxes and amortization (EBITA) of 453 million euros ($503.78 million) for the April-June period, above the 394 million euros seen in a company-compiled poll.
For the full year, it now expects a mid-single-digit comparable sales growth versus its previous guidance of a low-single-digit growth.
Its adjusted EBITA margin is now seen at the upper end of its previously forecasted high-single-digit range.
Philips, which is facing lawsuits over its recall of respiratory devices, said it had produced approximately 99% of the new replacement respiratory devices and repair kits required for the remediation of the registered affected devices.
The group has been grappling with the fallout of a global recall of millions of respirators used to treat sleep apnoea since it was announced in June 2021.
Philips slightly raises 2023 outlook after Q2 core profit beat
