Philips shares jump 10.5% as second-quarter sales grow despite China weakness

1 min read

Shares of Dutch device maker Philips jumped more than 10.5% in early deals Monday after the company reported better-than-expected second-quarter earnings.

The stock pared gains slightly to trade up 10.45% by 9:32 a.m. London time.

Comparable group sales rose 2% to 4.5 billion euros ($4.88 billion), as demand in North America held strong, even as China sales dipped.

The company, which makes medical devices and personal care products such as electronic toothbrushes, also saw its comparable order intake grow 9% over the three-month period.

The company said the waning China demand was due in part by Beijing’s drive towards self-sufficiency in critical technologies, including within healthcare, amid rising U.S.-China tensions. However, it added that the country remains a “fundamentally attractive growth market.”

CEO Roy Jakobs told CNBC that he was encouraged by the “robust” second-quarter results, adding that he had “strong confidence” that the company would meet its full-year guidance of comparable sales growth of 3-5%.

“Within a challenging macro environment we achieved strong margin improvement, supported by our productivity program, solid operational cashflow due to improved working capital management and comparable sales growth in line with our plan,” Jakobs added in a statement.

The company reported a number of cost savings over the period, including productivity savings of 195 million euros across operating model savings of 57 million euros, procurement savings of 71 million euros, and other programs’ savings of 67 million euros. Since 2022, Philips has embarked in a reorganization set to cut roughly 10,000 jobs, or 13% of Philips’ workforce as of January last year, Reuters reported at the time.

At the same time, Philips said it had agreed to pay $1.1 billion under a settlement related to a Respironics personal injury litigation and the medical monitoring class action in the U.S.

The settlement relates to the company’s faulty sleep apnea devices, which it began recalling in June 2021 due to health concerns.

Jakobs said the settlement brings “finality” to the U.S. case, and will allow the company to return its focus to innovation. Other cases remain ongoing outside of the U.S.

Read the full article here

Leave a Reply

Your email address will not be published.

Previous Story

Venezuela’s Maduro, opposition each claim presidential victory

Next Story

This week’s personal loan rates drop for 3- and 5-year terms

Latest from News

Pin Up Güvenilir Canli Casino – Sanal casino

Kumarhanelerdeki etkinliklerin karakteri gereği, hiçbir yöntem kesin bir gelir temin etmez. Bahis stratejilerinin etkinliği, oyunun türüne göre olarak değişiklik gösterir. Mesela, poker gibi beceri

Pinco Canlı Casıno gırış – Slot sitesii

Geleneksel kumarhanelerin sunduğu deneyimi dijital alana aktaran bu oyunlar, oyunculara otantik bir kumarhane hava sunuyor. 2024’te, Türkiye’deki çevrimiçi kumar sitelerinin daha çok canlı oyun
مشاهير العرب سكس arabpornsamples.com زبر نايم
قصص ن realarabporn.com انجلا وايت
little pussy analpornstars.info chut land ki film
old movies telugu fuckmetube.mobi sapna rathi sex
pandaniku youhentai.org cbt hentai
xx com indian indianpornfeed.com bf vs gf
bf sex sex sex hqtube.mobi husband wife sexy video
desi sex video tumblr sexozavr.com animal fuck women
marathi blue film com xxx-tube-list.info xixxx video
bed room xnxx prontv.mobi real chut image
ytmp4 eroanal.net bhojpuri sexy
fpo xxx indiandesiclips.com nepal call girl
xvideo wwe gotporn.mobi www.indianxnxx
sex videos sunny leone erofreeporn.net hot malayalam actress navel pictures
presyo ng mga bilihin onlineteleserye.com love revolution season 2