From Breakingviews - Philips is running out of chances to reassure
his estimate for full-year sales growth to between 1% and 3%, from 3% to 5%, blaming Chinese lockdowns and the Ukraine war.
It would have been harsh to expect van Houten to accurately predict either. And this fresh disappointment, which pushed shares down 10%, doesn’t undermine the substance of his turnaround plan, which aims to flog expensive equipment like CT scanners in rich countries with ageing populations. Meanwhile, mid-term guidance has only been cut a little, and Philips hopes for second-half growth of 6% to 9% on a strong order backlog.to contend with.
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