Philips Says 3Q Net Profit Fell, but Backs Full-Year Guidance
October 23 2017 - 2:21AM
Dow Jones News
By Ian Walker
Koninklijke Philips NV (PHIA.AE) on Monday reported a 15% fall
in third-quarter net profit on sales that declined slightly, but
backed its guidance for the year.
For the quarter ended Sept. 30, the Dutch technology company
reported net income attributable to shareholders of 315 million
euros ($370.6 million) compared with EUR370 million a year earlier,
while sales slipped to EUR4.15 billion from EUR4.16 billion.
The company's adjusted earnings before interest, taxes and
amortization margin improved by 140 basis points to 12.8% of sales
compared with 11.4% for the comparable period in 2016.
Chief Executive Frans van Houten said that despite ongoing
global uncertainties, the board's outlook for 2017 remains
unchanged. He added that Philips is on track to deliver 4% to 6%
comparable sales growth, as well as an improvement in its adjusted
EBITA margin of around 100 basis points this year.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
October 23, 2017 02:06 ET (06:06 GMT)
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