Philips Profits Down in Part on Delayed Imaging Buys
Royal Philips Electronics cited postponed purchases of medical imaging equipment as part of the reason for the company posting fourth quarter losses on Monday, based on an Associated Press article. Along with being a leader in manufacturing diagnostic imaging devices, Philips also produces a wide range of electronics and lighting equipment. The company cited overpriced inventory in its lighting arm and losses on its television business along with imaging as reasons for last year’s decline, according to the article. Sales were particularly down in Europe. The company posted a $211 million loss from October to December last year.