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Philips swings to net profit but cautious about 2014

  • Philips (PHG) swung to a net profit of €412M in Q4 from a loss of €423M a year earlier, when its results were hurt by various one-time charges. The latest Q4 figure missed forecasts of €455M.
  • Adjusted EBITA climbed 20% to €915M ($1.3B), topping consensus of €874M.
  • Sales edged up 1% to €6.8B, below expectations of €6.84B.
  • Philips warned that it remains cautious for 2014, due to macroeconomic uncertainties, currency fluctuations and weak Q4 orders.
  • Healthcare bookings -1%, due to uncertainty over U.S. healthcare reforms and European austerity.
  • Demand in China again surpassed management targets, helped by sales of air purifiers, rice cookers and shavers.
  • Proposes dividend of €0.80 ($1.10) per share. (PR)
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