Philips Net Profit Leaps; Backs Full Year Guidance
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.
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(END) Dow Jones Newswires
April 24, 2017 01:51 ET (05:51 GMT)