Philips First-Quarter Net Income Fell Due to Coronavirus
20 Abril 2020 - 1:06AM
Noticias Dow Jones
By Anthony O. Goriainoff
Koninklijke Philips N.V. said Monday that its first-quarter net
income fell due to the coronavirus pandemic and that the board's
2019 annual incentive will be paid in shares.
The Dutch technology company said net income for the quarter
ended March 31 fell to 39 million euros ($42.4 million) compared
with EUR162 million in the year-earlier period.
Income from continuing operations--an important metric for
Philips--fell to EUR42 million from EUR171 million in the first
quarter of 2018.
The company said first-quarter procurement savings amounted to
EUR36 million.
Sales for the quarter fell to EUR4.15 billion from EUR4.16
billion, Philips said. Comparable sales fell 2%.
Philips reported that the margin on its adjusted earnings before
interest, taxes and amortization fell to 5.9% of sales, compared
with 8.8% of sales in the year-earlier period.
The company said that the virus is expected to affect all
geographies in the second quarter and that it sees a modest return
to profitability in the second half.
"This is expected to result in a steep revenue decline for our
Personal Health businesses and a sizable high-single-digit decline
for our Diagnosis & Treatment businesses, partly offset by a
significant increase in revenue of our Connected Care businesses,"
the company said.
The company said it aims to achieve a modest comparable sales
growth and adjusted Ebita margin improvement for 2020, and that
given the current situation it won't provide more specific
guidance.
The board said that its proposed dividend will be distributed in
shares only, instead of the currently proposed distribution in cash
or in shares at the option of shareholders.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
April 20, 2020 01:51 ET (05:51 GMT)
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