Respiratory equipments and appliances that allow remote care drove Philips higher
One of the largest technology companies in the world, Philips, unveiled its
fiscal fourth-quarter earnings.
Philips officials stated that the company had adjusted
earnings of €1.39 billion, while its sales went up 7% to €6 billion. The
increase came in the second half of the year, as the hospitals rushed to buy
respiratory equipment to cope with many COVID-19 cases. The need translated
into a 24% jump in sales of its Connected Care division in the last quarter of
2020. For the full year, the sales went up 9%.
The Q4 actual results are slightly higher than what the
company was expecting. Philips was looking for earnings of €1.12 billion, and
sales of €5.91 billion.
For the future, Philips is looking for “low-single-digit
comparable sales growth” as the demand for COVID-19-related equipment is
expected to decrease.
Following the news, Philips stock price gained 1.12%.
Sources: cnbc.com
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