Philips Q1 Loss Widens, Sales And Orders Rise; Says Confident Of FY23

Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported Monday that its first-quarter net loss was 665 million euros, wider than last year’s loss of 151 million euros. Loss per share was 0.75 euro, compared to loss of 0.17 euro a year ago.

The latest results included 575 million euros litigation provision related to the anticipated resolution of the Respironics recall-related economic loss class action in the US.

Adjusted income from continuing operations attributable to shareholders was 0.22 euro, compared to 0.15 euro last year.

Adjusted EBITA increased to 359 million euros or 8.6 percent of sales from last year’s 243 million euros or 6.2 percent of sales, mainly due to increased sales and productivity measures, partly offset by cost inflation.

Group sales increased 2 percent to 4.17 billion euros from last year’s 3.92 billion euros. comparable sales growth was 6 percent, mainly driven by the Diagnosis & Treatment businesses.

Philips’ order book remains strong and is 10 percent higher than one year ago.

Comparable order intake growth was flat, with double-digit growth in the Diagnosis & Treatment businesses, offset by a decline in the Connected Care businesses.

Looking ahead, Roy Jakobs, CEO of Royal Philips, said, “based on our solid performance in the quarter, our order book, and the ongoing actions to further improve execution, we are confident in our plan for the year 2023, acknowledging that uncertainties remain.”

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