Philips net profit more than doubles

|By:, SA News Editor

Philips (PHG) Q3 net profit jumped over 140% to €281M, slaying forecasts of €209M, with growing health-care orders in China offsetting slowing demand in Europe.

Revenues dropped to €5.62B from €5.82B, missing consensus of €5.77B.

Adjusted EBITDA €634M vs €476M last year, above expectations of €567M.

To buy back €1.5B in shares.

"We remain committed to reaching our financial targets this year. However, ongoing headwinds in the global economy are expected to continue to affect sales growth in the coming quarters," said CEO Frans van Houten. (PR)