Dutch medical equipment company Philips reported a bigger-than-expected drop in second-quarter profit, saying supply shortages and lockdowns in China weighed on sales.
The company also cut estimates for full-year sales growth by 1%-3% from 3%-5%, forecasting growth of 6%-9% in the second half, thanks mainly to a strong order book.
Adjusted EBITA came in at €216m for the quarter to 30 June. Analysts expected 324 million euros.
In the corresponding period last year, Philips had posted adjusted EBITDA of 532 million euros.
Sales fell 7% to 4.17 billion euros, also below estimates of 4.23 billion euros.
Philips, once known as a consumer electronics company, now primarily makes medical imaging, monitoring and diagnostic equipment, with deals with major hospitals.
Source: Capital
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