Philips Q1 Sales, Earnings Slip 2014

From wireless intelligent lighting system "hue" to the two well-known 3D-printed lighting products, Philips has been leading the lighting industry from traditional lighting to energy-efficient LED lighting.

On Apr. 22nd, 2014, Philips announced its first quarter(from January to March ) earnings report. The report shows that Philips' first quarter revenue reduced by 4.8% to 5.02 billion euros, EBITA reduced by 21.9% to €314 million, and net profit was down 15% to 137 million euros.

Sales of Philips Lighting sector in the first quarter reduced by 4.2% to 1.892 billion euros; EBITA slipped 6.1% to 138 million euros. LED product sales, increasing by 37%, accounts for 33% of Philips Lighting sector's sales, which is higher than last year, 23%.

"Our first-quarter financial results reflect a challenging start to the year. Looking ahead, we remain very confident of achieving our 2016 mid-term financial targets." Frans van Houten, CEO said.

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