Philips Slips To Loss In Q4, Sales Rise; Declares Dividend; Sees Comparable Sales Growth In FY23

Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported Monday that its fourth-quarter net loss was 105 million euros, compared to last year’s profit of 151 million euros.

Loss per share was 0.12 euro, compared to profit of 0.18 euro a year ago.

Loss from continuing operations attributable to shareholders was 0.13 euro, compared to last year’s profit of 0.16 euro. Adjusted earnings per share from continuing operations was 0.41 euro, compared to 0.57 euro a year ago.

Income from operations, however, grew to 171 million euros from prior year’s 162 million euros.

Adjusted EBITA was 651 million euros or 12.0 percent of sales, compared to 647 million euros or 13.1 percent of sales a year earlier.

Group sales amounted to 5.42 billion euros, 10 percent higher than last year’s 4.94 billion euros.

The company generated 3 percent comparable sales growth driven by component supply improvements, while Philips’ supply chain conditions remain challenging.

Order book remains strong, while comparable order intake was down 8 percent in the quarter, due to lower demand for COVID-19-related products compared to 2021 and company actions to improve the order book margin profile.

Further, Philips said it intends to submit to the 2023 Annual General Meeting of Shareholders a proposal to declare a dividend of 0.85 euro per share, and to distribute such dividend in shares.

Looking ahead, Philips expects to deliver low-single-digit comparable sales growth and high-single-digit adjusted EBITA margin in 2023.

The company anticipates a slow start to the year considering the slowing of consumer demand and a gradual improvement of the order book conversion during 2023, with improvements throughout the year supported by the ongoing productivity, pricing and other actions.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Source: Read Full Article