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Philips Issues 'Cautious' Sales Outlook

AMSTERDAM ( TheStreet) -- Philips Electronics (PHG - Get Report), the Dutch conglomerate, said third-quarter net income rose to €524 million ($725.3 million) from €174 million a year earlier, but said it was "cautious" on sales for the fourth quarter.

The latest period included a gain of €154 million from the sale of Philips' stake in chipmaker NXP.

Philips, the world's biggest maker of light bulbs, said sales in the quarter rose almost 10% to €6.16 billion.

Analysts had predicted Philips would earn €358 million in the quarter, according to Bloomberg.

"Given the uncertain economic climate and fragile consumer confidence in some of our markets, we take a cautious view on revenue development" in the fourth quarter, Philips said in a statement Monday.

Philips' lighting division was the company's strongest performer in the quarter. Sales rose 16% and operating earnings quadrupling to €169 million from €40 million.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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