Philips 3Q Net Profit Fell 29%
October 28 2019 - 2:46AM
Dow Jones News
By Adria Calatayud
Koninklijke Philips NV (PHIA.AE) said Monday that third-quarter
net profit fell 29%, hit by an impairment charge and a lower margin
at the company's connected-care operations.
The Dutch technology company, which earlier this month cut its
margin guidance for 2019, made a net profit of 208 million euros
($230.4 million) for the quarter to Sept. 30 compared with EUR292
million a year earlier.
Profit from continuing operations was EUR211 million compared
with EUR307 million in the year-earlier period. This included a
EUR78 million impairment charge, the company said.
Sales for the quarter rose to EUR4.70 billion from EUR4.31
billion a year earlier, Philips said. Comparable sales grew 6%, it
said.
The company said adjusted earnings before interest taxes and
amortization was EUR583 million, up from EUR568 million a year
before. However, adjusted Ebita margin fell to 12.4% from 13.2% in
the year-earlier period.
For 2019, Philips said it continues to expect comparable sales
growth of 4% to 6% and an adjusted Ebita improvement of 10 to 20
basis points.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
October 28, 2019 02:31 ET (06:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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