Philips Warns Inflation May Stay for Years as Profit Misses
- Dutch firm raising prices to deal with cost pressures
- Supply-chain issues adding to manufacturer’s product woes
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Royal Philips NV’s operating profit missed analyst estimates as the Dutch maker of medical gear warned of persistent supply-chain challenges and said inflationary pressures may stick around for years.
Philips said Monday its first-quarter adjusted earnings before interest, taxes and amortization slumped 33% to 243 million euros ($262 million), missing an estimate of 274 million euros in a Bloomberg survey of analysts.