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Philips Q3 core profit jumps 32% as pandemic spurs hospital demand

Credit: REUTERS/EVA PLEVIER

Dutch health technology company Philips on Monday reported a much better-than-expected 32% jump in third-quarter core earnings, as the coronavirus pandemic spurred demand for hospital equipment needed to help patients battling the disease.

AMSTERDAM, Oct 19 (Reuters) - Dutch health technology company Philips PHG.AS on Monday reported a much better-than-expected 32% jump in third-quarter core earnings, as the coronavirus pandemic spurred demand for hospital equipment needed to help patients battling the disease.

Philips said adjusted earnings before interest, taxes and amortisation (EBITA) increased to 769 million euros ($900.1 million) in the July-September period, while comparable sales rose 10% to 4.98 billion euros.

Analysts polled by the company on average had expected core earnings of 630 million euros, on 4.82 billion euros of sales.

($1 = 0.8543 euros)

(Reporting by Bart Meijer Editing by Shri Navaratnam)

((Bart.Meijer@thomsonreuters.com; +31 20 504 5006; Reuters Messaging: bart.meijer@thomsonreuters.com))

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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