Philips Sees Sustained Growth After Profit Meets Target

Diagnostics and imaging unit boosts quarterly results
Pandemic is driving long-term shift toward virtual care

Watch: Frans van Houten, chief executive officer at Koninklijke Philips NV, discusses fourth-quarter earnings from 2020, the outlook for 2021 and his business strategy.(Source: Bloomberg)

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By Ellen Proper

January 25, 2021 at 6:39 AM UTC

Updated on

January 25, 2021 at 9:25 AM UTC

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Royal Philips NV said it expects steady revenue growth in 2021, bolstered by acquisitions and a record quarterly haul of contracts to upgrade hospital equipment.

The maker of respiratory gear and body scanners increased sales 3% in 2020 and predicted another year of low-single-digit growth this year in a statement on Monday. Fourth-quarter earnings totaled 1.14 billion euros ($1.4 billion), in line with estimates.