Philips Posts Higher Q3 Profit

Philips Electronics

reported a rise in its profits for the third quarter. Philips' quarterly sales surged to 6.127 billion euros, from 5.394 billion, in the year-ago period. Its earnings before interest, tax and amortization (EBITA) rose to 450 million euros, from 368 million. Philips' net profit climbed to 170 million euros, up from 76 million euros, in the year-ago period. However, analysts were expecting a net profit of 139 million euros on sales of 5.912 billion. Philips shares dropped 2.26% to close at $24.60 on Friday.