Philips fourth-quarter core profit up 7% on continued strong COVID-19 demand

AMSTERDAM (Reuters) – Dutch health technology company Philips on Monday reported a 7% increase in fourth-quarter core earnings as the coronavirus pandemic continued to spur demand for hospital equipment needed to treat COVID-19 patients.

Philips said adjusted earnings before interest, taxes and amortisation (EBITA) increased to 1.14 billion euros ($1.39 billion) in the October-December period, with comparable sales up 7% at 6 billion euros.

Analysts polled by the company on average had expected core earnings of 1.12 billion euros on 5.91 billion euros of sales.

($1 = 0.8210 euros)

(Reporting by Bart Meijer; Editing by Tom Hogue)