Philips 1Q Net Income Rose 31%
April 29 2019 - 1:52AM
Dow Jones News
By Oliver Griffin
Koninklijke Philips NV (PHIA.AE) said Monday that its
first-quarter net income rose 31% as certain cost-cutting programs
delivered savings.
The Dutch technology company said net income for the quarter
ended March 31 rose to 162 million euros ($180.5 million) from
EUR124 million in the year-earlier period.
Income from continuing operations--an important metric for
Philips--rose to EUR171 million from EUR94 million in the first
quarter of 2018.
The company said first-quarter procurement savings amounted to
EUR38 million, while other programs delivered savings of EUR75
million.
Sales for the quarter rose 5.2% to EUR4.2 billion, Philips said.
Comparable sales rose 2%.
Philips reported that the margin on its adjusted earnings before
interest, taxes and amortization rose to 8.8% of sales, compared
with 8.7% of sales in the year-earlier period. Philips said it
backed its target of 4%-6% comparable sales growth and an average
annual 100-basis-points improvement in adjusted Ebita margin for
2017 to 2020.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
April 29, 2019 01:37 ET (05:37 GMT)
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