Philips Surges as Comparable Sales Grow, Guidance Affirmed

American depositary receipts (ADRs) of Koninklijke Philips (PHG) jumped Monday aft it reporting second-quarter net that saw comparable income summation year-over-year arsenic coagulated request successful nan remainder of nan world offset a income driblet successful China.

The Dutch conglomerate reported 4.46 cardinal euros ($4.82 billion) successful total sales, gathering statement analysts' estimates compiled by Visible Alpha. Philips posted EUR 452 cardinal successful net income, narrowly missing nan EUR460.4 cardinal analysts had projected.

Comparable Sales Rise Despite 'Challenging Macro Environment'

Comparable income roseate 2%, pinch Philips saying China still presents a "fundamentally charismatic maturation market" contempt its income weakness successful nan 2nd quarter.

"Within a challenging macro situation we achieved beardown separator improvement, supported by our productivity program, coagulated operational cashflow owed to improved moving superior guidance and comparable income maturation successful statement pinch our plan," Philips Chief Executive Officer (CEO) Roy Jakobs said.

The institution besides affirmed its guidance for nan afloat fiscal twelvemonth while "acknowledging that uncertainties remain." Philips projects 3% to 5% comparable income growth, pinch free rate travel betwixt EUR900 cardinal and EUR1.1 billion.

In precocious April, Philips ADRs roseate 27% successful 1 time aft announcing a $1.1 cardinal settlement had been reached complete individual wounded claims related to nan company's slumber apnea devices.

The company's ADRs surged 14% higher to $29.31 arsenic of 10 a.m. ET Monday. They are up 30% this year.