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Philips Sees Better Second Half as CEO Extends Cost Savings

  • Quarterly earnings beat analyst estimates; shares advance
  • Brexit decision is adding to market volatility, CEO says
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Philips CEO Expects Operational Improvements to Continue

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Royal Philips NV said earnings will improve in the second half of the year after the Dutch health-care equipment maker’s profit in the latest quarter beat forecasts on cost savings.

Adjusted earnings before interest, taxes and amortization jumped 8.6 percent to 544 million euros ($596 million), the Amsterdam-based company said in a statement Monday. That beat the 519-million-euro average estimate of analysts surveyed by Bloomberg.