Philips starts off year cautiously

Philips delivered sales of 4,2 billion euros in the first quarter, up 2 percent year-on-year on a comparable basis. The Personal Health business, which struggled somewhat last year, recorded the highest sales increase: 5 percent. Diagnosis & Treatment (+2 percent) also contributed to the positive result, while Connected Care revenue slipped (-1 percent). Net income in Q1 increased from 124 to 162 million euros.

“We had a reasonable start to the year, as we delivered a 2 percent comparable sales and order intake growth, further building on strong growth in 2018. I’m encouraged that the measures taken in the Personal Health businesses resulted in regained momentum, which was led by the high-teens comparable sales growth in the Oral Healthcare business,” commented CEO Frans van Houten.

Despite the cautious start, Van Houten reaffirmed the 4-6 percent comparable sales growth target for this year, along with an increase in profitability.