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phil
April 22nd, 2014 at 6:52 am
Philips net profit falls 14%
02:50 AM ET · PHG
• Philips (PHG) Q1 net profit fell to €137M ($189M) from €162M a year earlier as sales dropped 5% to €5.02B, hurt by currency losses, a decline in sales at the company’s health-care business, and headwinds in China and Russia.
• Adjusted EBITA fell 13% to €368M, missing consensus of €413M.
• CEO Frans Van Houten said 2014 “will be a challenging year,” but the company remains “very confident” of achieving its 2016 targets. Van Houten believes that Europe has “fully bottomed out” and is starting to pick up.
• However, Chinese sales had less momentum, Van Houten said, and grew just 5% in Q1. (PR)
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