By Maarten van Tartwijk
AMSTERDAM-- Koninklijke Philips NV on Tuesday reported a 67%
drop in fourth-quarter net profit and the Dutch electronics maker
warned that it is behind on its financial targets.
Philips, whose products range from shavers and coffee machines
to hospital scanners, said net profit was EUR134 million ($150.69
million) in the last three months of 2014, compared with EUR412
million in the same period a year earlier. Sales were EUR6.5
billion, up from EUR6.4 billion.
Chief Executive Frans van Houten said Philips is behind on its
financial targets for 2016 following a series of operational
setbacks at its health care division. He added he is "convinced
that this does not change our longer-term performance
potential."
Philips this month issued a profit warning for the fourth
quarter, largely because of bigger-than-expected problems at a
factory in Cleveland that makes medical imaging systems.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
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