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
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