 "Philips profit beats estimates")
Royal Philips NV, the world's largest lighting company, reported profit that beat analyst estimates as Chief Executive Officer Frans Van Houten's cost cuts overshadowed sluggish markets for hospital equipment. Earnings before interest, taxes, amortisation and one-time items rose 20 per cent to euro 915 million ($1.3 billion), Philips said on Tuesday. That compares with an euro 874-million average estimate of nine analysts surveyed by Bloomberg.
Van Houten faces the challenge of improving profit at a time when consolidation in the US health care market continues to delay orders and European hospitals and clinics tighten budgets. The Dutch company is gaining traction in China, where sales of appliances such as air purifiers and rice cookers exceeded company predictions.
Shares of the Dutch company traded 0.8 per cent lower at euro 26.27 as of 9:28 am in Amsterdam, where it's based.
Van Houten faces the challenge of improving profit at a time when consolidation in the US health care market continues to delay orders and European hospitals and clinics tighten budgets. The Dutch company is gaining traction in China, where sales of appliances such as air purifiers and rice cookers exceeded company predictions.
Shares of the Dutch company traded 0.8 per cent lower at euro 26.27 as of 9:28 am in Amsterdam, where it's based.