Philips profit hit by TV sales

first_img John Dunne Tags: NULL whatsapp Philips Electronics reported lower-than-expected fourth-quarter net profit, as poor TV sales hit its lifestyle division, and warned that consumers in mature markets will be reluctant to spend this year.The Dutch lifestyle, healthcare and lighting giant said it has seen a revical in the construction sector, which is expected to lift its lighting division in the second half.Overall drivers for growth will come from emerging markets, which account for about one third of group sales and are a focus for expansion, Philips said.“Overall, Philips results are somewhat disappointing mainly due to the weaker-than-expected consumer lifestyle division,” said Sjoerd Ummels, ING analyst.“Philips stresses that consumer sentiment will continue to be subdued throughout 2011 and it’s not a surprise, but still we’ve had two years of weak consumer sentiment in mature markets, and apparently there’s no end in sight.”Philips reported net profit of 465m euros (£395m), well short of the 532m euros average forecast in a Reuters poll of 20 analysts.Sales for the quarter were 7.392bn euros, up 1.8 per cent, against a forecast of 7.56 bn euros, as the rice cookers-to-toasters consumer lifestyle business was hit by another quarter of weak TV sales.“Sales were impacted by negative consumer sentiment in developed markets, while continued destocking in the trade resulted in a particularly slow December,” outgoing chief executive Gerard Kleisterlee said in a pre-recorded audio statement.The consumer division reported fourth-quarter EBITA of 151 million euros, well below a forecast of 267 million euros and down 43 per cent from a year ago.Fourth-quarter EBITA for the healthcare division, which supplies scanners and other hospital equipment, was 522m euros, slightly above the forecast of 514m euros and up 15.5 per cent from a year ago.The lighting division, which produces light bulbs and street lighting systems and whose fortune is tied partly to the health of the construction industry, reported EBITA of 198m euros, below analysts’ expectations for 218m euros, and up 141 per cent from a year ago. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Adscenter_img Monday 24 January 2011 3:53 am Share Show Comments ▼ Philips profit hit by TV sales More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comlast_img read more