Philips issues profit warning
See more DutchNews articles in your Google search results
See more DutchNews articles in your Google search results
Add as a favourite source on Google Add DutchNews as a favourite source on Google
Electronics giant Philips on Tuesday issued a profit warning, saying adverse market conditions and delayed start-up of its factory in the US city of Cleveland hurt its performance in the fourth quarter.
Philips is now expecting its operating earnings to be €255m in the fourth quarter rather than the €884m originally forecast, the company said in a statement.
The problems at the medical equipment factory in Cleveland are bigger than expected. The delayed start will depress operating earnings by €225m, up from the previously expected €180m.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.
Make a donation