Philips Q3 profit up 47%; misses estimates

Amsterdam

DUTCH healthcare technology and services company Philips reported a 47 per cent jump in third-quarter earnings as sales and margins rose, but narrowly missed analysts' estimates.

Chief executive Frans van Houten said that the company expected further earnings improvements in the fourth quarter. However "we remain concerned about risk due to volatility in the markets in which we operate", he added. The company's adjusted earnings before interest, taxes and amortisation (Ebita) grew to 649 million euros (S$983.6 million) from 429 million euros in the same period a year ago. Analysts polled by Reuters were expecting adjusted Ebita of 651 million euros.