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Philips 3Q Net Profit Rose Significantly But Sales Missed Market Views

By Sabela Ojea

 

Koninklijke Philips NV reported on Monday a significant rise in net profit for the third quarter but suffered a decline in sales for the period, which also missed market views.

The Dutch medical-technology group posted a net profit from continuing operations of 2.98 billion euros ($3.46 billion) compared with EUR340 million for the same period a year earlier. It was expected to decline to EUR236 million, taken from the company's compiled consensus.

The company's net profit result was mainly driven by the sale of its Domestic Appliances business, it noted.

Quarterly sales decreased to EUR4.16 billion from EUR4.98 billion for the year earlier period, when they were expected to reach EUR4.18 billion, according to the company's compiled consensus.

Comparable sales fell 7.6%, Philips said.

Adjusted earnings before interest, taxes and amortization margin for the third quarter was 12.3%, the company said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

October 18, 2021 01:31 ET (05:31 GMT)

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