Dutch health technology company Philips on Monday raised its full-year outlook as it beat analysts' expectations for third-quarter core profit and comparable sales.
Core profit more than doubled to 457 million euros ($483.3 million), while comparable sales were up 11% at 4.5 billion euros as demand for its medical scanners, patient monitoring equipment and personal health devices increased.
Despite the drop in orders, Philips said it now expected 6% to 7% comparable sales growth over 2023, with a profit margin (adjusted EBITA) of 10%-11%.
Its previous outlook guided for mid-single digit sales growth with a high single digit profit margin.
Analysts in a company-compiled poll had predicted adjusted July-September earnings before interest, taxes and amortisation would rise to 389 million euros from 209 million euros a year before, on 8% comparable sales growth.
Persons:
Roy Jakobs, Philips
Organizations:
Philips, Reuters
Locations:
China