Oct 20, 2014 2:55 AM
Philips posts 3rd quarter loss
The Associated Press
AMSTERDAM (AP) Royal Philips NV, the world's largest lighting maker, has reported a 104 million-euro ($132 million) loss for the third quarter, mostly due to a one-off charge after losing a patent infringement lawsuit against Masimo Corp. of the U.S.
The loss compares with net profit of 282 million euros in the same period a year earlier, but includes the $466 million award a U.S. jury handed to Masimo. Philips is appealing.
Sales dipped 1 percent to 5.55 billion euros, while operating margins before charges declined to 9.7 percent from 11.4 percent of sales.
Chief Executive Frans van Houten, who last month issued a profit warning and announced plans to split the company, said Philips is "facing sustained softness in a number of markets," including China and Russia.