PHG - Philips expects a mid-single-digit comparable sales decline for Q4

October, 12 2022 02:52 AM Koninklijke Philips N.V. NY Registry Shares

Koninklijke Philips' ( NYSE: PHG ) financial performance in Q3 was largely impacted by continued supply chain challenges that were more significant than anticipated in the quarter, impacting deliveries and customer installations.
As a result, sales for the Group are expected to be ~€4.3B with a comparable sales decline of ~5%.
As a consequence of the lower sales, Group Adj. EBITA for the quarter is expected to be ~€210M or ~5% of sales.
On the back of strong 47% comparable order intake growth in Q3 of last year, Philips’ comparable order intake in Q3 2022 declined ~6%.
Book-to-bill ratio remained strong at 1.18 and the equipment order book grew further in the quarter.
Outlook: Philips still expects a better second half of the year, compared to the first half of 2022.
Expects a mid-single-digit comparable sales decline for the Q4 2022 with a high-single-to-double-digit adjusted EBITA margin range.

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Company Name:	Koninklijke Philips N.V. NY Registry Shares
Stock Symbol:	PHG
Market:	NYSE