AMSTERDAM (AP) — Dutch health care and electronics giant Philips says its fourth-quarter net profit rose to 899 million euros ($1.1 billion) from 640 million euros in the same period a year ago, as it successfully continued its departure from its past as a lighting company.
Comparable sales growth for the quarter rose 5 percent to 5.3 billion euros ($6.5 billion).
Philips spun off its lighting division in 2016 and now focuses its business on health technology. The company still holds a 29-percent stake in Philips Lighting.
CEO Frans van Houten said Tuesday that the fourth-quarter earnings performance “demonstrates that we are gaining momentum.”
Most Read Business Stories
- 5 takeaways from Seattle’s red-hot 2021 housing market, and the year's priciest sales
- 'Our city's not dead yet': PCC opening highlights promise of, and challenges to, downtown Seattle's recovery
- London-bound jet returns to Miami over maskless passenger
- Fred Meyer, QFC workers struggle in Washington to make ends meet, new report shows
- FAA clears most big jets to land at Sea-Tac Airport; regional planes are not cleared of 5G risk