Philips Swings to Profit as Sales Rise -- Update
24 Janeiro 2017 - 05:28AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--Royal Philips NV returned to a net profit in the
fourth quarter as the Dutch health-technology and consumer-products
maker reported a pickup in sales but said it sees "elevated
uncertainty" in its markets.
The company also said it is in talks with the U.S. Department of
Justice on a civil matter following inspections of its
external-defibrillator business by the Food and Drug Administration
that it said could have a "meaningful impact on the operations of
this business." It didn't elaborate.
Philips, the maker of products ranging from X-ray machines to
electric toothbrushes, said net profit was EUR640 million ($688
million) in the last three months of 2016, up from a EUR39 million
net loss in the same period a year earlier. Adjusted earnings
before interest, taxes and amortization were EUR1 billion, up from
EUR842 million in the previous year. Sales were EUR7.24 billion, up
3% on a comparable basis.
The Dutch company, which is in the process of exiting its
lighting business, also presented new financial targets for the
next three to four years despite voicing concerns about its
markets. Its new goal is to achieve 4% to 6% comparable sales
growth, while growing adjusted Ebita by 100 basis points
annually.
Philips also said it is in talks with the U.S. Department of
Justice on a civil matter following inspections of its
defibrillator business by the Food and Drug Administration. The
company didn't provide further detail but warned that it is
anticipating a "meaningful impact on the operations of this
business."
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
January 24, 2017 02:13 ET (07:13 GMT)
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