Philips posts Q2 beat boosted by its restructuring plan

PHILIPS reported second-quarter results that beat analysts’ expectations on Monday (Jul 29), boosted by higher earnings and the implementation of its restructuring programme.

The Dutch-based medical device maker’s adjusted earnings before interest, tax and amortisation (Ebita) reached 495 million euros (S$721.1 million), beating the 433 million euros expected by analysts in a company-compiled poll.

Adjusted Ebita margin rose to 11.1 per cent of sales, compared with 10.1 per cent in the same period last year.

“We achieved strong margin improvement, supported by our productivity program, solid operational cashflow due to improved working capital management and comparable sales growth in line with our plan,” said CEO Roy Jakobs in a statement.

The group reiterated its financial targets for the rest of the year. REUTERS