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Philips sales miss estimates; raises dividend

Tuesday, 28 Jan 2014 | 1:10 AM ET
Koen van Weel | AFP | Getty Images

Dutch technology company Philips reported fourth quarter sales that missed forecasts on Tuesday. However, the company proposed offering a dividend of 0.80 euros ($1.1) per share.

Fourth quarter sales came in at 6.80 billion euros, below the 6.84 billion euros forecast by analysts polled by Reuters. In the fourth quarter of 2012, sales came in at 6.76 billion euros.

"The fourth quarter of 2013 was another good quarter for Philips, despite the challenging economic environment and ongoing currency headwinds," said Philips CEO Frans van Houten in a new release after the results were announced.

(View more: Philipswill connect home to hospital: CEO)

Fourth quarter EBITA (earnings before interest, taxes and amortization) topped analysts' expectations, coming in at 884 million euros, compared to a loss of 50 million euros a year ago.

Further details of the proposed dividend will be given at the company's shareholder meeting on May 1 this year.

Tuesday will be a busy day for earnings in Europe, as well as in the U.S. Early on, German electronics and engineering firm Siemens reported a 20 percent rise in quarterly net profit.

Shares of Philips traded in-and-out of positive territory on Tuesday.

—By CNBC's Katy Barnato. Follow her on Twitter: @KatyBarnato

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