Delivery problems and provisions also ruin Philips in the final quarter

Wednesday, 01/12/2022 7:43 AM from


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Philips headphones connected to a smartphone.

AMSTERDAM (dpa-AFX) – The global supply chain problems and the consequences of a product recall affect the medical technology group Philips also burdened in the final quarter of 2021. According to preliminary calculations, sales in the quarter should come out at around 4.9 billion euros and thus around 350 million euros lower than previously forecast, the company announced on Wednesday in Amsterdam. On a comparable basis, this is a decrease of around 10 percent compared to the same period in the previous year. Adjusted earnings before interest, taxes and goodwill amortization (Ebita) should reach 650 million euros. In addition, there is a special charge that, at 420 million euros, is higher than previously expected. The reason for this is, among other things, higher provisions in connection with a recall of certain ventilators from the Group.

The competitor of Siemens (Siemens share) Healthineers had already had to lower the forecast for the year after a difficult third quarter, but even these goals are unlikely to be achieved now. For the year 2021, sales of 17.2 billion euros are indicated, according to the information, this corresponds to a decrease of one percent on a comparable basis. Most recently, management had promised an increase in the low single-digit percentage range./tav/mis


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