Philips Slips To Loss In Q2 - Quick Facts

Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported that its second quarter net loss attributable to shareholders was 22 million euros or 0.02 euros per share compared to net income of 150 million euros or 0.16 euros per share in the same quarter last year.

The net loss for the latest quarter was mainly due to lower operational earnings, lower net income from discontinued operations and higher financial expenses, partly offset by the impact from the Respironics field action provision in the second quarter 2021 and lower tax charges.

Adjusted income from continuing operations attributable to shareholders was 0.14 euros compared to 0.40 euros last year.

Sales for the second quarter declined to 4.18 billion euros from 4.23 billion euros in the prior year.

Comparable sales for the latest quarter declined by 7%, mainly caused by continued supply shortages and prolonged lockdowns in China, on the back of 9% comparable sales growth in the second quarter 2021.

The company has revised full-year 2022 outlook to 1%-3% comparable sales growth and around 10% Adjusted EBITA margin.

The company now expects to deliver comparable sales growth of 4%-6% and an Adjusted EBITA margin of 14-15% by 2025, with further improvement thereafter.

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