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Principale » Philips reports second-quarter profit growth with strong order intake

Philips reports second-quarter profit growth with strong order intake

25 Juillet 2017

Dutch health technology company Philips (PHG.AS) said it expects sales growth to accelerate over the remainder of the year after US orders jumped 9 percent in the second quarter.

The group, which spun off its lighting division previous year to focus on medical devices and healthcare products, cautioned that markets globally remained volatile and its overall outlook for 2017 was unchanged.

"Philips' performance in the second quarter of 2017 was solid, with 4% comparable sales growth in our HealthTech portfolio driven by Western Europe, North America and China, and a strong 8% increase in our order intake". "We don't know whether they are shareholders or not", van Houten said on a conference call Monday.

Van Houten has transformed the former conglomerate into a focussed maker of healthcare equipment over the past five years, selling most of its remaining consumer products business in addition to spinning off the lighting division.

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Philips shares have risen 18 percent since the beginning of the year. The group also kept its full-year estimates of 4% to 6% sales growth in tact and said it expects to see a 100 basis point margin improvement over the same period.

In the quarter, income from operations or EBIT declined to 252 million euros, or 5.9% of sales, from 265 million euros, or 6.4% of sales, in 2016.

"Despite continued volatility in the markets in which we operate, our outlook for 2017 remains unchanged as we expect further operational improvements and comparable sales growth in the year to be back-end loaded, supported by a strong order book", he added.

Analysts were looking for adjusted earnings before interest, taxes, and amortization (EBITA) of $511.1 million (€438 million).