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Philips slides on Q3 misses

October 22, 2018

Royal Philips (NYSE:PHG) shares took hits in New York and London today after it reported lower-than-forecast sales and earnings figures.

The Dutch healthcare conglomerate posted profits of €292 million, or €0.33 per share, on sales of €4.31 billion for the three months ended Sept. 30, for a -31.0% bottom-line slide on sales growth of 3.8% compared with Q3 2017.

Adjusted to exclude one-time items, EBITA were €568 million, -2.7% below the €584 million consensus estimate on Wall Street, where analysts were looking for sales of €4.33 billion.

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