After the first American publications published last week, it was the turn of Europe to present their financial results for the third quarter. The Dutch Philips leads with results above analysts' expectations.
The group specializes in electronics and home appliances has announced a turnover of 5.62 billion euros, down 11% over third quarter 2008 but slightly above the consensus.It appears in net up 19% compared to sales of second quarter 2009.
Net profit reached 176 million euros, three times that of the same period in 2008 while analysts by Dow Jones Newswires had forecast about 45 million euro loss.
In the statement released Monday, Gerard Kleisterlee, president of Philips, notes the significant improvement in sales and profits in most of its activities in the previous quarter but remains cautious on the outlook in the short term absence of structural recovery on these same markets. The Philips Group employs 118,000 people in sixty countries and has made 26 billion euros in turnover in 2008.
After Philips, Electrolux is another giant appliances, which will publish its results in the day.The U.S. aluminum producer Alcoa opened the quarterly earnings season last Wednesday with results exceeding consensus expectations. This week should be decisive on the equity markets with the simultaneous publication of several large U.S. banks such as JPMorgan, Goldman Sachs and Citigroup Wednesday and Thursday.