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Philips Q3 Profit Down, Sales Rise; Backs FY19 View; Sees Growth In FY20

Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported Monday that its third-quarter net income declined to 208 million euros from last year's 292 million euros. Earnings per share fell to 0.23 euro from 0.31 euro last year.

Income from continuing operations amounted to 211 million euros, down from 307 million euros a year ago. Earnings per share from continuing operations dropped to 0.23 euro from 0.32 euro in the prior year.

The latest results included a charge of 78 million euros related to a goodwill impairment.

Adjusted earnings per share from continuing operations were 0.46 euro, compared to last year's 0.42 euro.

Sales in the quarter amounted to 4.70 billion euros, 9 percent higher than 4.31 billion euros last year. Comparable sales growth was 6 percent, while comparable order intake was in line with last year.

Looking ahead for fiscal 2019, the company continues to expect growth to be within the 4-6 percent range. The company projects the Adjusted EBITA margin to improve around 10 to 20 basis points.

For 2020, the company sees 4-6 percent comparable sales growth and an Adjusted EBITA margin improvement of around 100 basis points.

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