Philips has reported second-quarter results that surpassed analysts’ expectations, driven by higher earnings and the effective implementation of its restructuring program.
The Dutch-based medical device maker posted an adjusted EBITA (earnings before interest, tax, and amortization) of €495 million ($537.4 million), significantly exceeding the €433 million anticipated by analysts in a company-compiled poll.
The company’s adjusted EBITA margin improved to 11.1% of sales, up from 10.1% in the same period last year.
“We achieved strong margin improvement, supported by our productivity program, solid operational cash flow due to improved working capital management, and comparable sales growth in line with our plan,” stated CEO Roy Jakobs.
Philips reaffirmed its financial targets for the remainder of the year, maintaining a positive outlook on its continued performance.
