Philips Beats Profit Estimates and Reaches DOJ Deal
Philips reported higher third quarter core earnings that beat market expectations on Tuesday. The healthcare firm also reached an agreement in principle with the US Department of Justice regarding its Respironics device recall.
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Koninklijke Philips NV posted a 7.2% increase in adjusted earnings to €569 million ($637 million) for the third quarter on Tuesday morning, beating consensus estimates. The Netherlands-based technology manufacturer drove gains through higher sales, improved gross margins, and targeted productivity measures. The earnings beat comes alongside a tentative legal settlement addressing past device recalls in the United States market.
