Philips Q3 healthy despite corona

Philips’ Q3 results are out and it seems the Amsterdam-based company is on the road to recovery from the troubling Q2. The medtech specialist revealed it brought in just under 5 billion in sales for the third quarter of 2020, representing a 10 percent growth in comparable sales from the same quarter last year. Net income for Q3 2020 was also higher, coming in at 340 million euros, compared to Q3 2019, which tallied only 208 million.

It wasn’t all good news for Philips, as comparable order intake dropped 18 percent, due to the cancellation of orders by the US Department of Health and Human Services. Despite that, Philips is remaining cautiously optimistic about the outlook of 2020 and beyond but admits there’s too much uncertainty. “It’s clear that the Covid-19 pandemic is far from over,” says CEO Frans van Houten. “I’m pleased that, under challenging circumstances, we’ve been able to execute our plans and return to growth and improved profitability for the group in the third quarter.” Continuing, “We’re excited to continue our journey to create further value by improving growth and profitability while recognizing that we’re in very uncertain times, and with the assumption that the world economy will return to growth next year.”