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Philips Posts Lower Q4 Consumer Results

4/18/2011 02:41:39 PM Eastern

Amsterdam - Philips
reported lower sales and income from its consumer lifestyle unit in the fourth
quarter, where its CE business resides.

For the fourth quarter ended Dec. 31 sales were 2.7 billion
euros down from the prior year's final quarter of 2.9 billion euros. Income for
the unit was 137 million euros down from 260 million euros in the prior year's
fourth quarter.

However the annual sales and income picture for the segment
painted a different picture. Consumer lifestyle annual sales were 8.9 billion
euros, up from the prior year's 8.5 billion, while profits were 595 million
euros, up from 321 million euros for the prior year.

Excluding TV comparable sales in the fourth quarter declined
6 percent impacted by a different seasonality in license revenue and lower
sales in audio and video, multimedia and accessories products, the company
said.

Today Philips
also reported
it is selling off 70 percent of its European TV operations to
Hong Kong-based TV and PC monitor manufacturer TPV to help curb profit
declines.

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