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- Koninklijke Philips NV (NYSE:PHG) said it expects third-quarter group sales to be approximately €4.3 billion with a comparable sales decline of approximately 5%.
- Due to the lower sales, Group Adjusted EBITA for the quarter is expected to be around €210 million or around 5% of sales.
- In its trading update, the company said the Q3 financial performance was primarily impacted by continued supply chain challenges that were more significant than anticipated, impacting deliveries and customer installations.
- Related: Philips Recalls Some Masks Used With Respiratory Devices Over Potential Injury Risk.
- The company expects a mid-single-digit comparable sales decline for Q4 of 2022 with a high-single-to-double-digit adjusted EBITA margin range.
- Philips' Diagnosis & Treatment businesses are expected to show a low-single-digit comparable sales decline, and the Connected Care businesses a mid-teen decline. The Personal Health businesses would show mid-single-digit comparable sales growth.
- Philips' comparable order intake declined by around 6% in the third quarter, compared to strong 47% comparable order intake growth in the third quarter of last year.
- The company expects to record a €1.3 billion non-cash charge for the goodwill impairment of its Sleep & Respiratory Care business.
- The company also sees a non-cash charge of around €165 million in the quarter related to the earlier announced initiative to enhance productivity in R&D.
- Looking ahead, Philips still expects a better second half of the year than the first half of 2022. However, prolonged supply chain disruptions and a worsening macro-environment will be present.
- Price Action: PHG shares are down 8.05% at $13.71 during the premarket session on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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