Multinational conglomerate Royal Philips Electronics reported that sales and net income increased in the company's Philips Medical Systems division in its fiscal 2005 second quarter (end-June 30).
For the period, Philips Medical of Andover, MA, reported sales of 1.498 billion euros ($1.8 billion, U.S.), a 5% uptick in nominal sales (prior to currency adjustments) when compared with the 1.428 billion euros ($1.716 billion) reported in the same period the year before. When adjusted for currency effects, sales grew 6%.
Operating income for the division grew to 157 million euros ($189 million), a 19% increase compared with the 132 million euros ($158.9 million) posted in the prior year. The unit's operating income as a percentage of sales grew from 9.2% in the second quarter of 2004 to 10.5% in the most recent period.
Philips said the growth was driven by double-digit increases in its CT and ultrasound businesses, reflecting the introduction of new products.
By AuntMinnie.com staff writers
July 17, 2005
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