Philips posted a 10 percent increase in sales in the past quarter. This can mainly be attributed to the Connected Care department, which, among other things, manufactures respiratory equipment for hospitals. Turnover there rose by 42 percent, according to the quarterly figures on Monday.
The figures far exceed analysts’ expectations. They took into account a revenue growth of 5.4 percent.
The Diagnosis & Treatment department saw a 3 percent decline in sales. This leg of the group was hit by an unexpected move by the US government, who suddenly signed a contract in late August ended for the supply of hospital equipment.
Bottom line, Philips posted a net profit of 340 million euros. The profit margin was 15.4 percent, against 12.4 percent in the third quarter last year.
CEO Frans van Houten says in an explanation of the figures that the corona pandemic is far from over and that Philips is counting on modest revenue growth for the whole of 2020.
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