Philips Rises 11% After First-Quarter Profit Beats Estimates

Royal Philips NV shares surged in Amsterdam trading after the Dutch maker of medical devices reported better-than-expected profit in the first quarter.

(Bloomberg) — Royal Philips NV shares surged in Amsterdam trading after the Dutch maker of medical devices reported better-than-expected profit in the first quarter.

The company’s adjusted earnings before interest, taxes and amortization came in at €359 million, beating the average estimate of €212 million in a Bloomberg survey of analysts.

Its operational performance improved amid an easing in its supply chain woes and a restructuring process put in train under the new Chief Executive Officer Roy Jakobs.

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The shares rose as much as 11.3% in the steepest intraday gain since March 2020.

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