Shares of Koninklijke Philips NV (NYSE: PHG) soared in pre-market trading on Monday after the Dutch conglomerate announced an adjusted income of €0.22 per share in the first quarter versus €0.15 in the same period last year. Comparable sales increased by 6% in the first quarter while PHG generated group sales of €4.2 billion, up by 6.4% year-over-year.
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The company stated that it has made a €575 million provision in Q1 related to “the anticipated resolution of the economic loss class action, an important step in addressing the litigation related to the recall” of its respiratory devices.
Philips’ order book remains strong and is 10% higher year-over-year.
PHG stock has risen by more than 20% year-to-date.
