Philips boasts strong earnings, sales
The company also raised its forecast for the year
Stocks impacted: Philips (PHIA)
The Dutch health technology company said core earnings surged 74% in the first quarter to 362 million euros on a 9% rise in comparable sales, beating expectations. Net profit remained stable at 40 million euros in the first quarter. Quarterly sales rose to 3.83 billion euros from 3.69 billion euros, beating expectations for 3.72 billion euros. On a comparable basis, sales grew 9%, ahead of company-provided consensus estimates of 6.3%. The company also raised its forecast for the year. It now expects to deliver low-to-mid-single-digit comparable sales growth for 2021, up from low-single-digit growth previously indicated. Despite upbeat results, Philips stocks shed over 2.5% on Monday.
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