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Philips Q3 net income swung to profit of 324 million euros

Staff writer ▼ | October 26, 2015
Philips reported better-than-expected quarterly profits on cost cutting and strong orders for its U.S. healthcare business.
Philips   Cost cutting and strong orders
However, the company said the sale of its Lumileds division, worth $3.3 billion, is in doubt.

Philips said the sale of Lumileds, which makes automotive lights and LED components, to a consortium of mostly Chinese investors had run into unexpected opposition from the U.S. government.

Third-quarter net income swung to a profit of 324 million euros from a loss of 103 million euros in the same period a year earlier while sales were up 2 percent to 5.80 billion euros from the same period a year earlier.

In the third quarter of 2014 Philips booked losses related to the temporary closure of a factory in Cleveland, Ohio.