Earnings ·
Philips reports Q3 net income of EUR 28M after EUR 288M DOJ settlement provision
PHGKoninklijke Philips NV
Royal Philips reported third-quarter comparable sales growth of 3% to EUR 4.4 billion, driven by strong performance in Personal Health and Connected Care. Adjusted EBITA margin expanded 70 basis points to 13.0%, supported by productivity measures and higher gross margins. However, net income fell sharply to EUR 28 million due to a EUR 288 million provision for an agreement in principle with the US Department of Justice regarding Respironics recall investigations. The company also issued EUR 650 million in green bonds due 2034 and reiterated its full-year outlook for comparable sales growth of 3%-4.5% and adjusted EBITA margin of 13.5%-14.0%. Philips operates in the health technology industry, providing medical diagnostic imaging, patient monitoring systems, and personal health products.