PHG

Philips Q2 Profit Down, Orders Climb; Sees Profit Growth In H2; Backs FY20 View

(RTTNews) - Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK, PHG) reported Monday that its second-quarter net income declined to 210 million euros from last year's 246 million euros.

Earnings per share were 0.23 euro, down from 0.26 euro a year ago.

Adjusted attributable income from continuing operations was 0.35 euro per share, compared to 0.42 euro per share last year.

Income from operations fell to 229 million euros from 350 million euros last year. Adjusted EBITA margin was 9.5 percent of sales, compared to 11.8 percent of sales a year ago.

Sales declined 6 percent on a reported and comparable basis to 4.40 billion euros from prior year's 4.67 billion euros.

Comparable order intake increased 27 percent in the quarter.

Looking ahead, the company said it expects to return to growth and improved profitability in the second half of the year.

Consequently, for the full year 2020, the company continues to aim for a modest comparable sales growth and Adjusted EBITA margin improvement.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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