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Philips lowers outlook as recall, parts shortages bite By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: The logo of Dutch tech company Philips can be seen at its headquarters in Amsterdam (Netherlands), January 29, 2019. REUTERS/Evaplevier

AMSTERDAM (Reuters – Dutch technology company Philips lowered its prospects for profit growth and sales in 2021 following a huge recall of devices used to treat respiratory infections and a global shortage of components.

Comparable sales for July-September were 7.6% lower than last year. However, adjusted earnings before interest taxes and amortization (EBITA), dropped by 25% to 512 millions euros ($592.7million).

($1 = 0.8638 euros)

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