New York, April 23 (FinanceEnquiry.com) – Higher sales and gains on divestments led Royal Philips Electronics to post net profit of €248 million for the first three months of the year, from €137 million in the same period last year.
The Dutch electronics giant said Monday that sales rose 7% to €5.6 billion, beating analyst expectations of €5.42 billion.
By 2013 Philips, which is the world’s biggest lighting manufacturer, and competes against Siemens and GE in health care equipment, wants to achieve 4%-6% sales growth and an earnings before interest, taxes and amortization margin of 10% to 12%, which was 9.8% in the first quarter.
Shares closed at €14.34 Friday. Over the past 12 months the shares are down 29.5%.
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Shares of the company grew more...