PHG - Philips Non-GAAP EPS of Euro0.14 beats by Euro0.05 revenue of Euro4.23B beats by Euro10M

• Philips press release ( NYSE: PHG ): Q2 Non-GAAP EPS of €0.14 beats by €0.05 .
• Revenue of €4.23B (+1.2% Y/Y) beats by €10M .
• Group sales amounted to EUR 4.2 billion, with a 7% comparable sales decline mainly caused by continued supply shortages and prolonged lockdowns in China, on the back of 9% comparable sales growth in Q2 2021
• Order book remains strong; comparable order intake increased 1% and includes a 5 percentagepoints negative impact related to China
• Company has revised full-year 2022 outlook to 1-3% comparable sales growth and around 10% Adjusted EBITA margin, driven by 6-9% comparable sales growth in the second half of 2022.
• For the 2023-2025 period, Philips has provided a revised performance improvement trajectory of 4-6% average annual comparable sales growth, and an Adjusted EBITA margin of 14-15%, as well as a free cash flow of around EUR 2 billion by 2025.

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