Philips Raises Margin Target, Says Profit to Double |
| Bloomberg - Sep 10, 2007 |
Royal Philips Electronics NV, Europe's largest maker of televisions, raised its profit forecast as a reorganization to cut the number of units reduces costs.
Philips shares had their biggest gain in almost five months after the company said earnings before interest, tax and amortization will top 10 percent of sales by 2010, up from more than 7.5 percent this year. Operating earnings per share will more than double, Amsterdam-based Philips said in a statement.
The Dutch company said it will save as much as 200 million euros ($276 million) annually by combining consumer-related businesses and merging two health-care units. The revamp at is the biggest since last year, when Chief Executive Officer Gerard Kleisterlee sold a majority of the semiconductor unit to focus on medical scanners, shavers and light bulbs.
Read Full Article from Bloomberg
- Posted: 2007-09-10 09:54:56
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