What's Going On With Philips Stock Monday?
Portfolio Pulse from Anusuya Lahiri
Koninklijke Philips N.V. (NYSE:PHG) reported a 9% YoY increase in Q2 comparable sales to €4.47 billion ($4.87 billion), driven by growth across all segments and geographies. The company's order book grew by 3% YoY, but comparable order intake declined 8% (-4% excluding Russia). The adjusted EBITA margin expanded by 490 bps to 10.1%, mainly driven by increased sales, royalty income, and productivity measures. Despite the positive report, PHG shares traded lower by 4.30% at $22.06 premarket on the last check Monday.
July 24, 2023 | 10:25 am
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Despite reporting a 9% YoY increase in Q2 sales and an expanded EBITA margin, Philips' stock traded lower in premarket trading.
Philips reported strong Q2 results with a 9% YoY increase in sales and an expanded EBITA margin. However, the stock traded lower in premarket trading, possibly due to the 8% decline in order intake. This suggests that investors may be concerned about future sales growth.
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IMPORTANCE 80
RELEVANCE 100