Philips Q1 core profit plunges as supply chain problems persist

AMSTERDAM :Dutch health technology company Philips on Monday said first-quarter core profit dropped about a third from a year earlier to 243 million euros , hit by an ongoing global shortage of parts and a massive recall of ventilators.

Analysts polled by the company on average had forecast adjusted core profit - earnings before interest, taxes and amortisation - of 236 million euros, and a sales to drop of almost 8 per cent. "Risks related to the COVID-19 situation in China, the Russia-Ukraine war, supply chain challenges and inflationary pressures ... may impact our ability to convert our strong order book to sales and achieve our margin target if conditions deteriorate further", Chief Executive Frans van Houten said.

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Philips Q1 core profit plunges as supply chain problems continueAMSTERDAM : Dutch health technology company Philips on Monday said first-quarter core profit dropped about a third from a year prior to 243 million euros ($261.8 million), hit by an ongoing global shortage of parts and a massive recall of ventilators.Analysts polled by the company had expected adjusted ea
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Philips Q1 core profit plunges as supply chain problems continueAMSTERDAM : Dutch health technology company Philips on Monday said first-quarter core profit dropped about a third from a year prior to 243 million euros ($261.8 million), hit by an ongoing global shortage of parts and a massive recall of ventilators.Analysts polled by the company had expected adjusted ea
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »