Dutch healthcare technology company Philips said its core profit in the third quarter rose 6.8% to €568m, missing analyst estimates despite rising sales and improving margins.
Analysts polled for Reuters had seen adjusted earnings before interest, taxes and amortisation (EBITA) of €590m, compared with €532m the same time last year.
Philips blamed currency headwinds, saying comparable sales grew by 4% and margins improved, while order intake was up 11% from a year ago.
Notably, it said sales were up 9% in China while orders were up by "double digits", while fears of lagging Chinese growth had been a point of concern for many investors.
"While I am pleased with the continued strong 11 percent order intake growth in the quarter, operational improvements were partially offset by increased foreign exchange headwinds," CEO Frans van Houten said in a statement.
The company's EBITA margin improved by 0.4% to 13.2% of sales, and Van Houten repeated the company's target of 4-6% average comparable sales growth over the 2017-2020 period.
Philips' largest division, which makes medical imaging equipment such as ultrasound machines, saw comparable sales rise 6% to €1.75 billion, with growth skewed toward emerging markets and North America.
Comparable sales fell 2% to €741m at its Connected Care or patient monitoring business, and rose 4% to €1.68 billion at its Personal Care business, which includes sleep and breathing aid devices.
