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Philips Q2 Profit Soars; Maintains FY Outlook - Quick Facts

Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported Monday that its second-quarter net income was 246 million euros, significantly higher than prior year's 2 million euros. Earnings per share were 0.27 euro, compared to break-even last year.

The results reflected sharply lower loss from discontinued operations.

On a continuing operations basis, income increased to 260 million euros from prior year's 186 million euros. Earnings per share from continuing operations grew to 0.28 euro from 0.20 euro last year.

Adjusted income from continuing operations per share amounted to 0.43 euro. Adjusted EBITA margin was 11.8 percent of sales, compared to 11.2 percent a year ago.

Sales in the quarter amounted to 4.67 billion euros, up 9 percent from last year's 4.29 billion euros. Sales increased 6 percent on a comparable basis.

Comparable order intake increased 8 percent.

Looking ahead, Frans van Houten, Chief Executive Officer, said, "We continue to expect our performance momentum to further improve in the second half of the year, supported by sales growth and our productivity programs. We maintain our overall targets of 4-6 percent comparable sales growth and an Adjusted EBITA margin improvement of 100 basis points on average per year for the 2017-2020 period."

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