Imaging systems lead Philips' strong Q3

Double-digit growth in Philips Healthcare's Imaging Systems division led to a profitable third quarter for the company and its global parent, Royal Philips Electronics. In both cases, sales and net income for the third quarter (end-September 30) outperformed the same quarter in 2011.

Comparable sales for Philips Healthcare increased by 7%, led by double-digit growth of the Imaging Systems division and high single-digit growth in the Home Healthcare Solutions unit. In growth geographies, comparable sales increased by 14%, while sales in mature geographies grew by 5%. Sales were flat in Europe, with low single-digit growth in North America, according to the company.

Philips Healthcare reported third-quarter sales of 2.443 billion euros ($3.191 billion U.S.), compared with 2.077 billion euros ($2.712 billion) for the third quarter a year ago, representing growth of 7% on a nominal basis and 18% on a currency-adjusted basis.

Philips Healthcare's earnings before interest, taxes, and amortization (EBITA) for the quarter was 330 million euros ($431 million), compared with 261 million euros ($341 million) in the third quarter of 2011. The company attributed EBITA improvement to a strong sales-driven gross margin, mainly from Imaging Systems, and productivity improvements in the Customer Services division.

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