Philips's Fourth-Quarter 2011 Sales of EUR6.7 Billion with Lighting Sales up by 7%

Philips has reported fourth-quarter 2011 sales of EUR6.7 billion (US$8.8 billion) with lighting sales up by 7% on year. Fourth-quarter 2011 net losses resulted in EUR160 million due to low earnings and a loss from discontinued operations, according to Philips. Philips indicated that year-on-year revenue increased across all operating sectors. Healthcare comparable sales were 3% higher on year. Comparable equipment order intake grew 3% on year. Equipment orders in growth geographies grew by 17%. Results were impacted by weakness in Europe, postponed deliveries of existing orders, as well as increased investments in new product innovation and sales channels. Consumer Lifestyle sales increased 1% on a comparable basis. At an aggregate level, the three growth businesses – Personal Care, Health & Wellness, and Domestic Appliances – achieved a high single-digit comparable sales increase compared to the fourth quarter of 2010. The sector growth rate was impacted by a comparable sales decline at Lifestyle Entertainment. Lighting comparable sales increased 7% on year, driven by double-digit sales growth at Lamps and Automotive. LED-based sales grew 37% compared to fourth-quarter 2010, now representing 18% of total Lighting sales. Results were impacted by pricing, inventory reduction measures, and operational issues. Source: www.digitimes.com