Philips Q3 Earnings Almost Triples Estimate (Reuters)
Since shifting its focus toward health-care equipment and energy-efficient lighting sectors two years ago, Philips has staged a remarkable comeback. The rebound was reinforced last Friday when the company released Q3 earnings that beat consensus analystsâ?? estimates comfortably. Third-quarter net profit climbed to 281 million euros from 105 million euros a year ago, while sales rose 3 percent on a comparable basis to 5.62 billion euros. Analysts in a Reuters poll had forecast a net profit of 209 million euros on sales of 5.74 billion euros.Â In addition to refocusing on sectors with less competition from East Asian companies, Philipsâ?? cost-cutting measures and divestiture from losing businesses helped the company post its highest share price since mid-2010. Hereâ??s hoping the companyâ??s profits stay on target for the next two years as well.
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