The lighting division outperformed overall sales, which were up 10 per cent nominally and 1 per cent comparably year-on-year. Overall, the company reported third-quarter earnings before interest, tax and amortisation of £563 million, compared with average City forecasts of £464 million.
Gerard Kleisterlee, president and chief executive of Philips, said lighting delivered a good quarter in terms of both profitability and growth, and that the overall results exceeded the company’s target.
‘The third quarter was another solid quarter for Philips,’ he said. ‘In a still fragile economic environment, with weak consumer markets in the developed economies, we posted sales growth of 10 per cent nominal and 1 per cent on a comparable basis.
‘We also continued on our growth path in emerging markets, with 19 per cent nominal and 7 per cent comparable sales growth. This means that we now generate more than one-third of our sales in these markets. ’