08:05 AM EDT, 04/29/2024 (MT Newswires) -- (Updates to add pre-bell stock move in the headline and the first paragraph.)

Royal Philips (PHG) shares soared more than 40% in premarket activity after the company reported Q1 adjusted income Monday of 0.26 euros ($0.28) per diluted share, up from 0.21 euros a year earlier.

Analysts' estimates were not readily available for comparison.

Sales for the quarter ended March 31 was 4.14 billion euros, down from 4.17 billion euros a year earlier.

A single analyst surveyed by Capital IQ expected 4.19 billion euros.

For 2024, the medical device maker said it continues to expect comparable sales growth of 3% to 5%.

The company also said it resolved a $1.1 billion settlement in a class-action lawsuit in the US over its Respironics devices.

Under the settlement, the company admits no fault or liability but agrees to pay the settlement in 2025. Philips said it agreed with insurers to cover 540 million euros in Respironics liability claims, with the rest of the settlement covered by the company's cash flow.

Price: 29.64, Change: +8.57, Percent Change: +40.66