Philips : Q4 better on the surface – guidance confirmed but Q1 set to be weak
>Apparent improvement in Q4 but significant boost from royalties - Yesterday's Q4 earnings release (see our equity flash “A slightly better-than-expected Q4 but thanks to the “other†division…â€) proved lower than forecast, once adjusted for the royalties paid by Signify. Organic growth came to 5.5% (vs consensus forecast of 4.1%) and the adjusted EBITA margin rose 70bp (vs +60bp forecast). The “other†division, which includes royalties, delivered a surprise with adjus...Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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