Philips posted flat sales for the second quarter of 2024 but higher net income.
For the period (end-June 30), the company reported revenues of 4.5 billion euros ($4.9 billion U.S.), the same amount as the second quarter of 2023. Nominal sales growth was 0%, compared with 7% in 2023, and comparable sales growth was 2%, compared with 9% last year.
The company posted net income of 452 million euros ($4.8 billion), compared with net income of 74 million euros ($80 million), in the second quarter of 2023.
Its Diagnosis and Treatment segment saw a sales increase of 4%, from 2.1 billion euros ($2.3 billion) in the same period last year to 2.2 billion euros ($2.4 billion). Nominal sales growth for this segment was 3% for the quarter, compared with 9% in 2023, while comparable sales were 4% compared with 12%, driven by growth across the firm's Image Guided Therapy and Precision Diagnosis divisions. The company reported an adjusted EBITA margin increase of 12.2%, propelled by improved sales, pricing, and productivity measures.
Finally, Philips reported flat sales in its Connected Care segment, at $1.3 billion for both 2023 and 2024 in the second quarter. Nominal sales growth in this segment increased by 0% for the period, compared with 4% in 2023; comparable sales growth increased by 2%, which the company attributed to its Enterprise Informatics division, compared with 6% in 2023.
