Dutch consumer electronics giant Koninklijke Philips N.V. reported a remarkable increase in net income for the second quarter, soaring to 452 million euros from just 74 million euros a year earlier.

Following the release of these better-than-expected results, Philips shares surged by 15%, reflecting strong investor confidence.

The company highlighted growth across various metrics, including sales, margins, and order intake, contributing to the positive market reaction.

Philips reiterated its full-year 2024 outlook, projecting 3-5% comparable sales growth and free cash flow between 900 million euros and 1.1 billion euros.

For the quarter, Philips reported total group sales of 4.462 billion euros, reflecting a 2% growth in comparable sales compared to the previous year.

The company experienced a significant 9% increase in comparable order intake during the three-month period, showcasing strong market demand.

In the Connected Care segment, Philips reported a 2% rise in comparable sales, driven by strong performance in Enterprise Informatics.

Despite a subdued pricing environment in the Personal Health segment and declining ultrasound growth outside China, the segment achieved a 2% increase in comparable sales.

CEO Roy Jakobs expressed optimism about the company's return to order intake growth, particularly in North America, despite ongoing macroeconomic challenges.

Philips' EBITDA increased by 9.3% to 495 million euros, exceeding analysts' expectations, further indicating operational strength.

Earnings per share reached 0.48 euros, a significant increase from 0.07 euros in the same quarter last year, highlighting the company's financial recovery.