(Reuters) – Philips posted second-quarter results that above analysts’ forecasts on Monday, driven by cost savings from job cutbacks and insurance income related to Respironics product liability claims, pushing company shares up more than 7% in early trading.
The Dutch medical device maker’s earnings before interest, tax, and amortization (EBITA) increased 9.3% to 495 million euros ($537.4 million) in the second quarter, exceeding the 433 million euros projected by analysts polled by the firm.
Adjusted EBITA margin increased to 11.1% of sales from 10.1% in the same period last year. Analysts expected it to decline to 9.7%.
