Dutch healthcare technology giant Philips bolstered its earnings outlook Tuesday after obtaining 186 million euros ($211 million) in US tariff refunds, winning back almost all of the cash levied, director general Roy Jakobs said.
The US Supreme Court in February struck down the bulk of US President Donald Trump’s tariff blitz saying the tariffs exceeded his powers to regulate commerce.
“When there was the opening to claim for tariff refund based on the court ruling, we were one amongst the first to very proactively hand in all the requirements to apply for it,” Jakobs told reporters on a conference call.
“And therefore, we are also one of the first to get it back almost in full.”
Given the company makes almost half of its sales in North America, Philips had been hard hit by the tariffs and the refund helped it to report better than forecast second-quarter profit margins.
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