Published on 30 Apr 2024 on Zacks via Yahoo Finance
Philips (PHG) Q1 Earnings Beat Estimates, Revenues Fall Y/Y
Koninklijke Philips N.V. PHG reported first-quarter 2024 adjusted earnings of 28 cents per share, outpacing the Zacks Consensus Estimate by 55.6%.Revenues of $4.49 billion missed the consensus mark by 3.4%.In domestic currency, sales decreased 1% on a year-over-year basis to €4.14 billion.Comparable sales (including adjustments for consolidation charges & currency effects) grew 2% year over year. The growth was attributed to strength in the Diagnosis & Treatment and Personal Health segments, partly offset by a decline in Connected Care.
Comparable sales in the Diagnosis & Treatment and Personal Health businesses recorded low-single-digit growth year over year.However, comparable sales in the Connected Care business witnessed a low single-digit decline on a year-over-year basis.Further, Philips’ comparable order intake declined 3.8% year over year in the reported quarter, primarily due to weakening demand in China.Sales improved 3% on a comparable basis in growth geographies. Sales in mature geographies were up 2% year over year on a comparable basis.
Koninklijke Philips N.V. Price, Consensus and EPS Surprise