AMSTERDAM (TheStreet) -- Philips Electronics (PHG), 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: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV