(Philips) Philips’s stock fell more than 15% on Wednesday as the company said its group sales in the fourth quarter of 2021 will miss estimates.
Philip’s sales estimate of 4.9 billion euros in the fourth quarter was 350 million euros below the company’s previous projections, reflecting shortages of key components and freight capacity issues.
Comparable sales are estimated to have fallen by 10% on the supply chain issues and the recall of Respironics. The group’s adjusted EBITDA is estimated at 650 million euros or 13% of sales.
Philips expects the group sales in FY21 to be around 17.2 billion euros, leading to a 1% drop in the comparable sales for the year. Adjusted EBITDA for FY21 is expected at 2.1 billion euros or 12% of sales.
CEO Frans van Houten says the company continues to witness an all-time high order book, with the group’s comparable order intake in FY21 up 4%.
PHG: NYSE is down -15.04% on premarket.
