Philips More Cautious For 2014 as Euro Crimps Profit
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Royal Philips NV said the strength of the euro will make 2014 a “challenging” year after the world’s biggest lighting manufacturer reported first-quarter earnings that missed analyst estimates. The stock declined the most since June 2011.
“The euro has become stronger,” Chief Executive Officer Frans van Houten said on a conference call today. The effect of currency movements on the Amsterdam-based company was bigger than expected in the first quarter, he said.