Wednesday, July 23, 2014

Philips' first quarter sales, earnings slip

April 22. 2014 3:35AM
Associated Press

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(AP) Royal Philips NV says its first-quarter profits declined as growth slowed in several divisions and consumers spent less on light bulbs.

The world's largest lighting maker said Tuesday first-quarter net profit was 138 million euros ($190 million), down from 161 million euros in the same period a year earlier. Revenues were down 4.8 percent to 5.02 billion euros.

It said profit margins worsened in part due to restructuring costs.

CEO Frans van Houten cited "market headwinds in among others, Russia and China," and said the strong euro also hurt reported figures.

Among its major divisions, Philips said lighting sales were about flat, health care equipment and services revenues declined 2 percent, while sales of appliances such as shavers and coffee makers grew by 7 percent.

Associated Press

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