Philips (NYSE: PHG) reported Q3 EPS of EUR0.32, EUR0.12 worse than the analyst estimate of EUR0.44. Revenue for the quarter came in at EUR4.37 billion versus the consensus estimate of EUR4.99 billion.

Outlook

The significant deterioration in China demand leads to an updated comparable sales growth outlook range of 0.5-1.5% for the full year 2024. Comparable sales growth outside of China remains within the 3-5% range. Adjusted EBITA margin is expected to be around 11.5%, the upper end of the range, with free cashflow around EUR 0.9 billion, at the lower end of the range.

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