Philips Beats First-Quarter Profit Forecast, Sales Slow
Dutch company Philips Electronics beat analysts' forecasts on Monday with a first-quarter operating profit that was depressed by overcapacity in flat LCD displays, and said little would change in the global consumer electronics marketplace.
Philips's earnings before interest and taxes (EBIT) came in at 292 million euros ($395.5 million), compared with an average forecast of 267 million euros by 15 analysts polled by Reuters. EBIT in the year-ago period was 335 million euros.
Revenues fell more than expected to 5.99 billion euros from 7.37 billion euros a year earlier, compared with an average analyst forecast of 6.14 billion euros.
Philips is the world's biggest lighting maker, a top three hospital equipment maker, a top five consumer electronics producer and Europe's number three in semiconductors.