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April 23, 2018, 2:24 a.m. EDT

Philips income falls on restructuring costs

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By MarketWatch

Koninklijke Philips N.V. said Monday that first-quarter net income from continuing operations decreased 27% after booking restructuring, acquisition and bond-redemption charges and backed its outlook for 2017-20.

The Dutch technology company said that net income from continuing operations for the quarter ended March 31 fell to 94 million euros ($115 million), compared with EUR128 million the previous year, on sales that fell to EUR3.9 billion euros, from EUR4.04 billion. Comparable sales increased by 5%, it said.

The company said that its adjusted Ebita margin improved by 130 basis points to 8.7% of sales, compared with 7.4% of sales in the first quarter of 2017.

Philips said it backed its target for the 2017-20 of 4%-6% comparable sales growth and an average annual 100 basis points improvement in adjusted Ebita margin.

Corrections & Amplifications

This article was corrected at 0845 GMT because the original misstated 2017 first quarter sales in the second paragraph. Philips first-quarter sales in 2017 were EUR4.04 billion, not EUR5.7 billion.

Philips's sales in the first quarter of 2017 were 4.04 billion euros. "Philips 1Q Net Income Falls; Backs Outlook," at 0522 GMT, misstated 2017 first quarter sales in the second paragraph. Philips first-quarter sales in 2017 were EUR4.04 billion, not EUR5.7 billion.

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