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Philips Lighting Quarterly Profit Jumps on Soaring LED Sales

  • LED-based sales grew 25%; account for 53% total revenue
  • Adjusted Ebita margin widens to 9.3%; shares advance
Bloomberg business news

Philips Lighting CEO: European Business Is Growing

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Philips Lighting NV said second-quarter profit rose 16 percent as the world’s largest lighting manufacturer boosted sales of products based on more energy-efficient light-emitting diodes.

Adjusted earnings before interest, taxes and amortization increased to 161 million euros ($178 million), the company said in its debut earnings statement on Friday. Sales declined 6.2 percent to 1.73 billion euros, short of the 1.83 billion euros estimated by analysts surveyed by Bloomberg.