Philips Q3 Earnings Almost Triples Estimate (Reuters)
Since shifting its focus toward health-care equipment and energy-efficient lighting sectors two years ago, Philips has staged a remarkable comeback. The rebound was reinforced last Friday when the company released Q3 earnings that beat consensus analysts’ estimates comfortably. Third-quarter net profit climbed 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 Reuters poll had forecast a net profit of 209 million euros on sales of 5.74 billion euros. In addition to refocusing on sectors with less competition from East Asian companies, Philips’ cost-cutting measures and divestiture from losing businesses helped the company post its highest share price since mid-2010. Here’s hoping the company’s profits stay on target for the next two years as well.
It was a strong week for the financial markets, with the Dow Jones up 1.07% and the S&P 500 jumping 2.42%. Higher-risk markets soared even more, with the NASDAQ up 3.23%. Global markets went along for the ride with MCSI Emerging Markets Index up 1.13%.
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