Philips Turns To Profit In Q3

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The FINANCIAL — Philips Electronics NV on October 26 that its third-quarter net income amounted to 324 million euros, compared to a net loss of 103 million euros a year ago. Earnings per share were 0.34 euro, compared to loss of 0.11 euro last year, according to Nasdaq.

EBITA totaled 429 million euros, or 7.4% of sales, compared to a loss of 62 million euros in the prior year.

Sales for the quarter increased to 5.84 billion euros from 5.19 billion euros last year. Comparable sales growth was 2%, driven by North America, Asia Pacific and Central & Eastern Europe.

Currency-comparable order intake went up 2%, driven by 6% growth in North America.

Frans van Houten, CEO, said, “Philips delivered improved results for the third quarter of 2015, confirming that our operational performance continues to strengthen, despite deteriorating macro-economic conditions in a number of markets, most notably in China…. For full-year 2015, we continue to expect modest comparable sales growth and an improvement of our operational performance.”

Further, Philips said it is on schedule to complete the separation of the Lighting business in the first half of 2016. As previously stated, Philips is reviewing all strategic options for Philips Lighting, including an initial public offering and a private sale. The company now expects the related separation costs to come in at the lower end of 200 million euros to 300 million euros for 2015 and remain within that range in 2016.

 

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