Philips: stock shortcircuited after annual targets revised
(CercleFinance.com) - Philips shares have plunged nearly 15% in early Amsterdam trading, badly hit after, on its quarterly publication revised it revised its targets for FY 2024 to reflect deteriorating demand in China.
The Dutch company now expects LFL sales growth of 0.5% to 1.5%, an adjusted EBITA margin of around 11.5% (upper end of its range), and FCF of around E0.9bn (lower end of its range).
In Q3 2024, Philips posted free cash flow of E22m and an adjusted EBITA margin that improved 1.6 point to 11.8%, on sales of E4.4bn, stable LFL.
The medical technology supplier saw its order intake decline by 2% on a comparable basis due to a decline in China, and despite solid growth in its diagnostics and treatments segment, particularly in the US.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The Dutch company now expects LFL sales growth of 0.5% to 1.5%, an adjusted EBITA margin of around 11.5% (upper end of its range), and FCF of around E0.9bn (lower end of its range).
In Q3 2024, Philips posted free cash flow of E22m and an adjusted EBITA margin that improved 1.6 point to 11.8%, on sales of E4.4bn, stable LFL.
The medical technology supplier saw its order intake decline by 2% on a comparable basis due to a decline in China, and despite solid growth in its diagnostics and treatments segment, particularly in the US.
Copyright (c) 2024 CercleFinance.com. All rights reserved.