Why Koninklijke Philips Shares Are Falling

Koninklijke Philips NV PHG shares are trading lower by 12.16% at $26.65 after the company reported first-quarter financial results.

Among the highlights from the first quarter, Koninklijke Philips highlighted:

• Group sales amounted to EUR 3.9 billion, with a 4% comparable sales decline on the back of 9% comparable sales growth in Q1 2021
• Comparable order intake increased 5%, driven by the Diagnosis & Treatment businesses and Hospital Patient Monitoring
• Income from continuing operations amounted to a loss of EUR 152 million, compared to a loss of EUR 34 million in Q1 2021
• Adjusted EBITA of EUR 243 million, or 6.2% of sales, compared to 9.5% of sales in Q1 2021
• Operating cash flow was an outflow of EUR 227 million, compared to an inflow of EUR 321 million in Q1 2021

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Philips is a diversified global healthcare company operating in three segments: diagnosis and treatment, connected care and personal health.

According to data from Benzinga Pro, Koninklijke Philips has a 52-week high of 61.23 and a 52-week low of $26.38.