Philips (PHG 42.16, +0.59) has climbed 1.4% in pre-market after reporting mixed results.
The conglomerate reported above-consensus third quarter earnings of EUR0.33 per share on a 29.7% year-over-year decline in revenue to EUR4.15 billion, which was shy of expectations. The company's results from last year included the lighting segment, which is no longer part of the company. Excluding last year's lighting results, revenue declined 0.2% year-over-year.
Comparable order intake increased 5.0% year-over-year after growing 4.0% one year ago.
Philips Group comparable sales increased 4.0% worldwide. Sales in growth geographies jumped 15.0% to EUR1.43 billion, offsetting a 6.0% decline in Western European sales (to EUR828 million). North American comparable sales were unchanged year-over-year.
Looking at the segment breakdown, Personal Health sales declined 1.0% while comparable sales increased 5.0%. The comparable sales increase represented high-single-digit growth in Sleep & Respiratory Care, mid-single-digit growth in Domestic Appliances, and low-single-digit growth in Health & Wellness and Personal Care. Adjusted EBITDA rose 5.1% to EUR327 million with EBITDA margin improving to 19.8% from 18.7%.
Diagnosis & Treatment sales were unchanged while comparable sales increased 2.0% to EUR1.64 billion. Comparable sales growth was due to mid-single-digit growth in Image-Guided Therapy and low-single-digit growth in Ultrasound and Diagnostic Imaging. Adjusted EBITDA declined 1.8% to EUR224 million while EBITDA margin dipped to 13.7% from 13.9%.
Connected Care & Health Informatics sales rose 1.0% to EUR751 million while comparable sales increased 8.0%. Comparable sales growth was driven by double-digit growth in Patient Care & Monitoring solutions and mid-single digit growth in Healthcare Informatics. Sales in China, Middle East & Turkey, and Latin America fueled overall growth. Adjusted EBITDA rose 31.9% to EUR124 million while EBITDA margin improved to 16.5% from 12.7%.
HealthTech Other sales declined 7.8% to EUR108 million with adjusted EBITDA falling 10.0% to EUR18 million.