Philips says weakness in Europe to hit Q4 results

AMSTERDAM: Dutch group Philips Electronics said weak European markets, particularly the lighting division, meant it will take a fourth-quarter charge for inventory it cannot shift.

Philips also said on Monday its healthcare unit will report lower sales growth in the fourth-quarter due to delays in delivering orders.

"Our expected fourth-quarter financial results have been affected by the weakness in Europe, which has impacted our Healthcare business, as well as pricing in our Consumer Lighting business," chief executive Frans van Houten said.

Philips said it was confident of meeting its 2013 mid-term financial targets.

Philips was set to report fourth-quarter results on Jan. 30.