Slowdown, U.S. problems prompt Philips profit warning
By Toby Sterling AMSTERDAM (Reuters) – Philips warned on Tuesday that fourth-quarter earnings would be worse than expected because of the lengthy closure of a manufacturing plant in Cleveland, Ohio and a slowdown in some of its major markets. The latest profit warning from the Dutch industrial company comes after its stock underperformed benchmarks and Chief Executive Frans van Houten announced plans last year to break up the company, splitting off its lighting business. …
