In the first quarter, sales at Philips fell by 7.1 percent to EUR 4.44 billion. The market had expected 4.3 billion euros. Earnings per share decrease by 17 percent to EUR 0.35. The consensus stood at EUR 0.20. There is positive news from the order book, the order intake increases by 27 percent.
The Dutch continue to expect a slight increase in comparable sales for the year as a whole. There should also be a certain margin improvement.
DZ Bank analysts leave their ratings for Philips shares “hold”. The target price is raised from EUR 38.22 to EUR 44.00.
Philips has clearly felt the pandemic in some areas. There is a clear reluctance of consumers to buy in the Personal Health segment. However, more devices for patient monitoring are needed at the same time.
For 2020, the analysts forecast earnings per share of EUR 1.95 (old: EUR 1.98). The forecast for 2021 drops from EUR 2.31 to EUR 2.30.
Philips shares are now up 5.2 percent to € 45.74.