Why Koninklijke Philips Stock Jumped 14% Today
Koninklijke Philips (NYSE: PHG) stock surged 14.5% through 10:05 a.m. ET Monday after the company reported strong earnings this morning.
Analysts had forecast the Dutch medical devices company would earn $0.27 per share on sales of $4.8 billion, according to data from Yahoo! Finance. Philips' sales of 4.5 billion euros roughly matched that prediction. Net earnings were 452 million euros -- about 0.48 cents per share -- which works out to about $0.52 per share.
Management painted a picture of modest sales growth (up 2% year over year) that is nevertheless accelerating. Segment by segment, Philips' diagnosis and treatment division performed best with sales growth of 4%. The connected care and personal healthcare divisions both showed only 2% growth. Still, despite slow sales in the quarter, Philips said that "comparable order intake" rose 9% year over year in Q2 2024, foreshadowing faster growth ahead.
Source Fool.com
