Philips blames blah 1st quarter on Europe

Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement.

After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits.

A spokesman said Philips will refrain from making any further income predictions this year “since our main markets in Europe show no signs of improvement.”

Combined net income across all Philips’ product lines dropped by 36%, to $ 56 .8 million, compared to the corresponding period last year. The heaviest losses –$ 31 million before tax — were recorded by the consumer electronics division, a 7% drop from 1992’s performance, while the biggest gain –$ 121 million before tax — was in components and semiconductors, up 67%.

Total sales in the first quarter of 1993 fell 2% to $ 7.725 million.

A Philips spokesman said improved asset management had resulted in a reduction in working capital and a consequent cash-flow surplus of $ 434 million in the first quarter of 1993, vs. a financing deficit of $ 324 million a year earlier.

More Biz

  • Disney-Fox Deal: Uncertainty, Anxiety Heighten as

    Disney-Fox: Shock, Fear and Uncertainty Heighten in Face of Impending Mega Deal

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

  • Ryan Wiik photographed at his home

    Norwegian Cowboy Actor Settles Lawsuit Against Ex-Lover

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

  • Obit Obituary Placeholder

    Entertainment Attorney Arnold Burk Dies at 85

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

  • WME

    Marcus Levy, Amy Lynch and Andrew Russell Join WME's Comedy Touring Department

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

  • Meet those who spoke out on

    Meet Some of the People Who Came Out Against Weinstein, Ratner and More

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

  • Misogyny in Hollywood Makes Talented Women

    For Some Women, Hollywood's Culture of Inequality Is Too Much to Bear

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

  • Hollywood Sexual Harassment Handcuffs

    Naming Names Isn't Enough -- Sexual Harassers Should Have to Face the Law (Column)

    Struggling Dutch electronics giant Philips has gloomily conceded that its main European markets are showing no signs of improvement. After the announcement of its first-quarter results in Eindhoven Wednesday, the firm again blamed the worldwide consumer electronics slump, plus price erosion in Europe, for its continued slide in sales and profits. A spokesman said Philips […]

More From Our Brands

Access exclusive content