Philips: stock slumps on warning of shortages

(CercleFinance.com) - Philips shares are down sharply on Wednesday in Amsterdam (over 11% an hour into trading), after the group warned that supply problems would impact its Q4 and FY 2021 results.


The Dutch healthcare equipment specialist now says it expects quarterly sales of around 4.9 billion euros, 350 million euros below its previous target.

The group says the underperformance is due to intensifying global supply problems, not only in electronic components but also in transport capacity.

It expects adjusted EBITA to be around 650 million euros in Q4.

As a result, the company's FY 2021 revenue is now expected to be around 17.2 billion euros, down 1% y-o-y, with EBITA expected to be around 2.1 billion euros.


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