Industrial conglomerate Royal Philips Electronics reported that sales and net income grew in the company's Philips Medical Systems division in the first quarter (end-March 31).
For the period, Philips Medical of Andover, MA, reported sales of 1.285 billion euros ($1.679 billion), up 2% compared with sales of 1.258 billion euros ($1.643 billion) reported in the same period the year before. When adjusted for unfavorable currency movements, sales grew 5%.
Operating income for the division grew to 100 million euros ($130.1 million), up 9% compared with 92 million euros ($120.2 million) the year before. The unit's operating income as a percentage of sales grew from 7.3% in the first quarter of 2004 to 7.8% in the most recent period.
Philips said the growth was driven by double-digit increases in its CT and MRI businesses, reflecting the introduction of new products. The company predicted further growth in market share thanks to a 9% increase in orders for the quarter.
By AuntMinnie.com staff writers
April 20, 2005
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