Philips Says 3Q Net Profit Fell, but Backs Full-Year Guidance

Koninklijke Philips NV (PHIA.AE) on Monday reported a 15% fall in third-quarter net profit on sales that declined slightly, but backed its guidance for the year.

For the quarter ended Sept. 30, the Dutch technology company reported net income attributable to shareholders of 315 million euros ($370.6 million) compared with EUR370 million a year earlier, while sales slipped to EUR4.15 billion from EUR4.16 billion.

The company's adjusted earnings before interest, taxes and amortization margin improved by 140 basis points to 12.8% of sales compared with 11.4% for the comparable period in 2016.

Chief Executive Frans van Houten said that despite ongoing global uncertainties, the board's outlook for 2017 remains unchanged. He added that Philips is on track to deliver 4% to 6% comparable sales growth, as well as an improvement in its adjusted EBITA margin of around 100 basis points this year.

Write to Ian Walker at; @IanWalk40289749

(END) Dow Jones Newswires

October 23, 2017 02:06 ET (06:06 GMT)