Philips N.V. announced on Monday its sales for the third quarter of fiscal 2024 fell by 2% on an annual basis, landing at €4.4 billion.
Meanwhile, net income surged to €181 million in the reported quarter, compared to a net income of €90 million registered in the same timeframe in 2023, while diluted earnings per share increased from €0.09 to €0.19. Additionally, adjusted earnings before interest, taxes, and amortization (EBITA) reached €516 million, rising from €456 million reported in the third trimester of the previous year. Income from continuing operations was €182 million.
"Strong improvement in profitability was driven by progress on our execution priorities, productivity measures and the improved margins of our AI-driven, industry-leading innovations. Within a challenging macro environment, we remain focused on successfully executing our three-year plan to fully capture growth and margin expansion opportunities," CEO Roy Jakobs commented.
