Philips quarterly sales soared during the pandemic

April 26, 2021
Philips quarterly sales soared during the pandemic

The company lifted its 2021 outlook amid better-than-expected quarterly figures

The Dutch health technology company Philips posted quarterly earnings that topped expectations, as the COVID-19 pandemic boosted demand for hospital equipment and personal health appliances.

Philips announced that its core earnings jumped 74% in Q1 2021 to €362 million, while its comparable sales (revenue generated by a retail location in the most recent accounting compared to the revenue generated during the same period in the past) went up 9%, beating expectations. According to CEO Frans van Houten: “Our performance gained momentum with a strong sales growth and profitability improvement, with all business segments and markets contributing.” The markets were looking for €326 million in earnings and a 6% rise in comparable sales.

However, its net profit remained unchanged at €40 million.

For the futures, Philips expects its comparable sales to grow by “low-to-mid-single-digit” in 2021.

The market’s reaction wasn’t a positive one, given that at the moment of writing, during the pre-market session, Philips stock price is trading more than 3% lower.

Sources: reuters.com, finance.yahoo.com, investopedia.com

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