Philips Is `Cautious' on 2012 After Reporting 2011 Loss
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Royal Philips Electronics NV, the world’s biggest lightbulb maker, said it’s “cautious” about prospects for 2012 after writedowns, sluggish sales and costs to exit a television business led to its biggest loss in a decade.
Expenses tied to an overhaul and investment in factories to raise efficiency will weigh on earnings, the Amsterdam-based company said today as it reported fourth-quarter and full-year net losses. Philips is “fully committed” to reaching 2013 financial targets, it said.