Philips Warns EU Has Hurt Earnings
Consumer electronics giant Philips warned its earnings would be poor for the fourth quarter, and that Europe sales were largely to blame. The firm reported Group sales for the quarter are expected to show mid single-digit comparable growth over the fourth…
Consumer electronics giant Philips warned its earnings would be poor for the fourth quarter, and that Europe sales were largely to blame.
The firm reported
Group sales for the quarter are expected to show mid single-digit comparable growth over the fourth quarter of 2010. The group Adjusted EBITA* for the quarter is expected to be between 8 and 9% of sales, which corresponds to a reported EBITA between 7 and 8%.
Management explained the problems
“Our expected fourth quarter financial results have been affected by the weakness in Europe, which has impacted our Healthcare business, as well as pricing in our Consumer Lighting business,” said Frans van Houten, CEO of Philips.
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