Dutch conglomerate Koninklijke Philips NV (NYSE: PHG), which focuses on health technology, slipped in pre-market trading at the time of writing on Monday after the company announced sales of €4.5 billion in the second quarter, up by 7% year-over-year with comparable sales increasing by 9%.
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The company announced adjusted earnings of €0.28 per share in Q2, twice its adjusted earnings of €0.14 per share in the same period last year. Philips’ order book grew by 3% year-over-year, but comparable order intake fell 8% (or approximately 4% excluding Russia).
Philips raised its outlook for FY23 and stated in its press release that it now expects “to deliver mid-single-digit comparable sales growth and an Adjusted EBITA margin at the upper end of the high-single-digit range for the full year 2023, while uncertainties remain.”
Year-to-date, PHG stock has soared by more than 50%.