Salem Radio Network News Tuesday, August 9, 2022

Business

Philips misses Q2 forecasts, cites supply chain issues and China lockdowns

AMSTERDAM (Reuters) – Dutch medical equipment maker Philips on Monday reported a worse-than-expected drop in second-quarter core earnings to 216 million euros ($220 million), citing supply shortages and lockdowns in China.

Analysts had forecast adjusted earnings before interest, taxes and amortisation (EBITA) of 324 million on sales of 4.23 billion for the three months ended June 30, according to a company-compiled poll.

In the same period a year earlier, Philips had adjusted EBITA of 532 million euros.

($1 = 0.9803 euros)

(Reporting by Toby Sterling)

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