Philips' net income soars by 36.4%

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Philips’ net income soars by 36.4%

26-07-2017 15:17

Philips’ net income soars by 36.4%

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Philips’ net income soars by 36.4%

In the second quarter of 2017, the net income from continuing operations of Dutch company Royal Philips NV rose by 36.4% to 161 million euros from 118 million euros for the same period in 2016.

Philips’ adjusted earnings before interest, taxes, and amortization (EBITA) rose by 15% to 439 million euros.

The company posted a 4% increase in its quarterly revenue to 4.29 billion euros from 4.13 billion earlier. New orders rose by 8%, boosted by a rise in demand for healthcare technology.

During the reporting period, the company's comparable sales grew by 4%, and the adjusted EBITA margin improved by 90 basis points to 10.2% year-on-year.

Philips will launch a share buyback program worth 1.5 billion euros in the third quarter. Comparable sales are also expected to increase by 4-6% this year. The company said it is on track to further improve its adjusted EBITA margin by about 100 basis points in 2017.

“Despite continued volatility in the markets in which we operate, our outlook for 2017 remains unchanged as we expect further operational improvements and comparable sales growth in the year to be back-end loaded, supported by a strong order book,” Philips CEO Frans van Houten said.

Philips’ market capitalization rose by 7.9% to 29.2 billion euros so far this year, while its Lighting division’s value advanced by 31.8% to 4.5 billion euros.

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