Philips Pushed to Loss by Pensions Charges
26 Janeiro 2016 - 05:13AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--Royal Philips NV swung to a net loss in the fourth
quarter but said that its operational performance continued to
improve as it works toward the separation of its lighting
division.
Philips said the net loss in the three months ended Dec. 31 was
EUR39 million ($42 million) compared with a net profit of EUR134
million in the same period a year earlier, largely due to pension
charges and other special items. Adjusted earnings before interest
and taxes, the company's preferred measure of its operational
performance rose to EUR842 million from EUR743 million a year ago.
Sales rose 9% to EUR7.1 billion.
The earnings report is likely to be one of the last before
Philips completes the separation of its nearly 125-years-old
lighting arm, for which it is exploring either a sale or an initial
public offering. The strategic overhaul comes as Philips seeks to
focus on its more profitable healthcare-technology activities and
related products.
Philips said its healthcare arm recorded a 15% rise in sales,
boosted by strong order intake and favorable currency effects,
while its lighting division recorded 3% sales growth. The company
said comparable sales growth will be modest in 2016 as the
macroeconomic environment remains challenging.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
January 26, 2016 01:58 ET (06:58 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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