Philips Profits Beat Forecasts

Lighting comparable sales at Philips increased by 6%, led by double-digit sales growth at Light Sources & Electronics, as well as high-single-digit sales growth at Automotive. LED-based sales grew by 37% year-on-year and now account for 20% of total Lighting sales. Reported EBITA margin for the quarter was 4.6%. 'At Lightning, LED-based sales showed strong growth momentum,' CEO Frans van Houten said. Philips reports second-quarter comparable sales growth of 5% to EUR 5.9 billion; EBITA of EUR 450 million.