Royal Philips ADRs Down 8% After 3Q Forecast
October 10 2019 - 8:12AM
Dow Jones News
By Michael Dabaie
Royal Philips NV (PHG) ADRs were down 8% premarket, to
$41.94.
The Netherlands-based health technology company said comparable
order intake growth in the third quarter is expected to be flat on
the back of 11% growth in the third quarter of 2018.
Group adjusted EBITA for the quarter is expected to be around
583 million euros ($642.8 million), or 12.4% of sales, compared to
13.2% a year earlier. The continued Adjusted EBITA margin
improvement of the Diagnosis & Treatment and Personal Health
businesses was more than offset by a 4.5 percentage point decline
in the Adjusted EBITA margin of the Connected Care businesses, to
11.3% of sales, the company said. Philips cited increasing
headwinds from tariffs.
Group sales for the quarter are expected to be about EUR4.7
billion, reflecting 6% comparable sales growth with all businesses
contributing.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 10, 2019 07:57 ET (11:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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