Philips Net Profit Leaps; Backs Full Year Guidance
April 24 2017 - 01:06AM
Dow Jones News
By Ian Walker
Koninklijke Philips N.V. (PHIA.AE) Monday reported a much
improved first quarter net profit, driven by improved income from
operations and lower financial charges, and backed its full-year
guidance.
The Dutch health-technology company reiterated that it expects
to deliver 4%-6% comparable sales growth, and an improvement in
adjusted earnings before interest, taxes and amortization margin of
around 100 basis points per year.
Net profit for the quarter ended March 31 rose to 259 million
euros ($281 million), compared with EUR37 million for the
comparable quarter, on sales that rose to EUR5.72 billion from
EUR5.52 billion. Adjusted ebita, which strips out exceptional and
other one-off items, rose to EUR442 million, from EUR374 million
for the first quarter of 2016.
"Our outlook for 2017 remains unchanged as we expect further
operational improvements and comparable sales growth in the year to
be back-end loaded," said Chief Executive Frans van Houten.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
April 24, 2017 01:51 ET (05:51 GMT)
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