Philips Swings to Profit

The Dutch consumer electronics and chips giant sees its shares rise 4%.
By TSC Staff ,

Philips Electronics

(PHG) - Get Report

surged 4% in early action Tuesday after posting an unexpectedly strong 2003 profit.

The big Dutch consumer electronics outfit posted a full-yearnet profit of 695 million euros ($885 million). That's above the expected 537 million-euro profit and reverses a year-ago loss of 3.2 billion euros.

Philips said sales dropped to 29.04billion euros from 31.82 billion a year earlier. The decline was influenced by the weak dollar, but latest-period results beat expectationson booming chip and consumer electronics sales.

Philips rose $1.24 to $32.80 in early trading Tuesday.

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