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July 13, 2009
Philips Electronics Beats Expectations
By REUTERS
Filed at 1:28 a.m. ET

AMSTERDAM, July 13 (Reuters) - Dutch conglomerate Philips Electronics (NYSE:PHG) said on Monday sales may show some improvement in the second half after reporting a second-quarter operating profit that beat analyst expectations.

Earnings before interest, taxes and amortisation (EBITA) was 118 million euros ($164.4 million), above the average of a 79 million loss in a Reuters poll of 23 analysts, with individual expectations ranging from a 160 million euros loss to a profit of 30 million.

EBITA compared with a 396 million euros profit in the second quarter of 2008 and a 74 million loss in the first quarter of this year.

"During the quarter we started to see positive impact of our strict cost management," Chief Executive Gerard Kleisterlee said in a statement, adding that he would not shy away from further cost reductions where needed.

Analysts were anticipating the world's biggest lighting maker to announce additional cost savings.

The top three hospital equipment maker and Europe's biggest consumer electronics producer so far has said it would cut 6,000 jobs this year, resulting in more than 500 million euros in annual cost savings by the end of the year. ($1=.7177 euros)

http://www.nytimes.com/reuters/2009/07/13/business/business-philips.html?ref=business&pagewanted=print


KONINKLIJKE PHLP NEW(NYSE: PHG)
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GEN ELECTRIC CO(NYSE: GE)
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