Philips Profit Lifted by Health-Care Business
October 24 2016 - 02:20AM
Dow Jones News
AMSTERDAM—The Netherlands' Royal Philips NV said Monday its
third-quarter earnings further improved thanks to higher sales at
its core health-care technology operations and cost savings.
Adjusted earnings before interest, taxes and amortization were
€649 million ($705.26 million), a 14% rise compared with the same
period last year, while net profit rose 18% to €383 million.
Sales rose 1% to €5.9 billion. Philips said its health-care
technology operations reported 5% comparable sales growth with 8%
growth in order intake, which was partly offset by a 3% sales
decline at Philips Lighting.
Philips this year floated its lighting business through an
initial public offering but still has a 71% stake in the
company.
Looking ahead, Philips maintained its full-year outlook and said
it expects earnings to further improve in the fourth quarter
despite concerns about "risk due to volatility in the markets in
which we operate."
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
October 24, 2016 02:05 ET (06:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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