Philips Q3 net profit beats on improvements in all sectors
AMSTERDAM Oct 21 (Reuters) - Philips, the Dutch healthcare, lighting and consumer appliances group, reported higher-than-expected third-quarter net profit on Monday, thanks to improvements at all its businesses after two years of cost-cuts and divestments.
Net profit nearly tripled 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 poll commissioned by Reuters had forecast net profit of 209 million euros and sales of 5.741 billion euros.
"We remain committed to reaching our financial targets this year. However, ongoing headwinds in the global economy are expected to continue to affect sales growth in the coming quarters," Chief Executive Frans van Houten said in a statement.
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