Philips (NYSE: PHG) reported Q1 EPS of EUR0.26, EUR0.05 worse than the analyst estimate of EUR0.31. Revenue for the quarter came in at EUR4.1 billion versus the consensus estimate of EUR4.51 billion.

Outlook:

Philips reiterates its confidence in delivering the 2025 plan, acknowledging that uncertainties remain. For the full year 2024, Philips continues to expect 3-5% comparable sales growth and an Adjusted EBITA margin of 11-11.5%. The expected free cash flow is now increased to €0.9-1.1 billion in 2024, including the receipt from insurers for the Respironics product liability claims and the remaining payment related to the economic loss settlement. The personal injury and medical monitoring litigation settlement payment is expected in 2025.

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