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Philips: stock slumps as 2022 targets reduced

( - On Monday Dutch health technology group Philips lowered its growth and margin outlook for 2022 after reporting a disappointing performance for Q2.

The group said that it now expects FY sales growth of 1% to 3%, instead of 3% to 5% previously expected.

The company also expects an adjusted Ebita margin of around 10% this year, down from a previous target range of 12.4% to 12.9%.

In its press release, Philips explains that during Q2 it suffered from component shortages, lockdowns in China, inflationary pressures and the impact of the Russian-Ukrainian conflict.

As a result, LFL sales fell by 7% in April-June, with its Ebita margin crumbling to 5.2% from 12.6% in Q2 2021.

Given these difficulties, Philips has reduced its expected growth trajectory for 2023-2025, expecting annual sales growth of 4% to 6% on average, with an adjusted Ebitda margin of 14% to 15%.

This warning, combined with these disappointing results, caused the share to fall by about 10% in early trading in Amsterdam, by far the biggest drop on an AEX index that was down by just 0.7%.

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