Philips posts profit, upbeat forecast

October 14, 2003 – Royal Philips Electronics NV, Amsterdam, The Netherlands, posted a 3Q03 net profit of $145.1 million, soaring above analysts’ expections of $26 million. Revenues of $8.2 billion were down 4.4% from 3Q02, but slightly higher than expectations.

An operating loss of $147 million, which included $178 million in charges mainly due to the closure of two US facilities, was overshadowed by $280 million in revenues from TSMC and other affiliates and partners.

The company’s semiconductor division revenues were up 5% year-to-year and 9% from the previous quarter, and Philips reaffirmed its predictions of a profit for the division in 4Q.


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