PHG Stock Down 4%, Philips Raises 2021 Outlook after Increase in Q1 Sales amid Coronavirus Pandemic
Apr 26 2021 · 15:02 UTC | Updated
3 hours ago
Photo: Depositphotos
With the spike in Q1 sales, Philips now expects “low-to-mid-single-digit comparable sales growth.”
Health technology company Koninklijke Philips NV (NYSE: PHG) has raised its 2021 outlook as the company recorded an increase in first quarter (Q1) sales. Philip revealed a surge in its quarterly profit due to the growing demand for hospital equipment and personal health appliances amid the coronavirus pandemic.
Philips 2021 Outlook
Philips lifted its outlook for 2021 while announcing growth in its core earnings. In a press release published on the 26th of April, Philips noted that its core earnings climbed 74% in Q1. The company said the company’s earnings was EUR 362 million ($438 million), above analysts’ prediction.
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