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Edition: U.S. Article Comments (0) Video Follow Reuters Facebook Twitter RSS YouTube Read Worst heatwave in years grips Midwest, moving east 17 Jul 2011 Lawyer says Egypt's Mubarak in coma, TV denies | 17 Jul 2011 Ratings agencies rattle cages in U.S., Europe 17 Jul 2011 Democrats, Republicans still at odds on debt ceiling | 11:33am EDT Moody's suggests U.S. eliminate debt ceiling 10:33am EDT Discussed 102 Obama and lawmakers regroup to seek debt deal 100 Obama asks lawmakers to gauge support for debt deal 59 Obama eyes more deficit talks with no deal in sight Watched Flying sphere goes where man fears to tread Thu, Jul 14 2011 Coalition forces raid Taliban stronghold Sun, Jul 17 2011 Highway project in Los Angeles Sun, Jul 17 2011 Philips dims outlook after shock 1.3 billion euro loss Tweet Share this Email Print Related News World economy to keep strong but risks abound Thu, Jul 14 2011 Swiss stocks - Factors to watch on July 14 Thu, Jul 14 2011 Europe considers Greek default, leaders to meet Tue, Jul 12 2011 NYSE shareholders back D.Boerse deal Thu, Jul 7 2011 Euro ends 6 day rally; Moody's cuts Portugal rating Tue, Jul 5 2011 Analysis & Opinion Italy can save itself to save euro zone Berlusconi really must go Related Topics Technology » Related Video Philips must become more entrepreneurial, says CEO 10:35am EDT Teamsters Mark A. Owsianiak (L) and Mark Bishop put up a sign at the Philips Electonics booth before the Consumer Electronics Show (CES) at the Las Vegas Convention Center January 3, 2008. Credit: Reuters/Las Vegas Sun/Steve Marcus By Gilbert Kreijger AMSTERDAM | Mon Jul 18, 2011 9:18am EDT AMSTERDAM (Reuters) - Philips flagged a grim outlook after a surprise quarterly loss that was driven by writedowns on recent acquisitions to reflect weak consumer demand in Europe and the United States. Philips -- the world's biggest lighting firm, a top three hospital equipment maker, and Europe's biggest consumer electronics producer -- has been hit by rising raw material costs, sagging consumer confidence, sluggish construction markets and government budget cuts in the healthcare sector. On Monday, the Dutch group announced an unexpected 1.4 billion euro writedown on healthcare and lighting acquisitions that dragged it to a 1.3 billion euro ($1.8 billion) second-quarter net loss, just weeks after profit warnings at two key divisions. Philips, which is heavily exposed to the mature European and U.S. markets, has highlighted the need to expand in the fast-growing Asian and emerging economies. It gave a bleak outlook on Monday for the next two quarters, lowered the profit margin targets for its three core businesses for 2013, and said it would cut costs by 500 million euros. The measures may help to restore some investor faith in Philips's new management. Frans van Houten, a restructuring expert who took over as chief executive in April, has won mixed reviews from investors, bankers and analysts, as some felt he had not responded fast enough to address Philips' woes. "This gives me confidence. We have a new management since a few months and they indicate that they have completed the internal review process," said Charles de Kock, asset manager at Delta Lloyd Asset Management, which owns Philips shares, adding that the share buyback and cost-cutting measures were positive. German engineering conglomerate Siemens, which competes with Philips' medical equipment and lighting products, last month warned of slower growth. Philips also warned in June of sharply lower second-quarter profits and slowing sales growth at both its lighting business and its toasters-to-shavers consumer division, citing weak consumer demand in Europe. "We do not expect a material performance improvement in the near term as operational risks and issues remain, and also considering the current uncertain economic environment," Van Houten said in a statement on Monday. Philips said the 1.4 billion euro writedown reflected the weaker market outlook and lower profitability forecasts at four units. It includes a 450 million euro charge at its Respironics unit, a U.S. sleep therapy products maker that it bought for $5.1 billion in 2007. Rabobank analyst Hans Slob said the results were "a wider signal that the consumer is not really recovering," adding later in a research note that the impairment charges were an admission that Philips had overpaid for the acquisitions. COST CUTTING The 500 million euros cost-savings program will run into 2014 and address high overheads, but Van Houten said Philips would not shut or sell any of its businesses. Some bankers and analysts have said that Philips should get out of the entire consumer electronics division because it has struggled to compete with lower-cost Asian makers of consumer electronics. Philips also announced a 2 billion euro share buyback program, which will be completed in the next year. The cost cuts and buyback initially boosted its shares, which opened 2.5 percent higher, analysts said. But the realization that Philips had reduced its margin forecasts for its three core divisions sent shares down 0.8 percent by midday. Its shares have fallen 30 percent in the past twelve months, versus a 16.5 percent rise of the STOXX Europe 600 Personal & Household Goods index. Van Houten, who scrapped Philips' earlier growth targets when he took over as chief executive in April, set new medium-term goals for 2013 on Monday, including sales growth of between 4-6 percent, and earnings before interest, tax and amortization (EBITA) margins of 10-12 percent for the group. Philips competes with Samsung and LG Electronics among others in consumer electronics, and with General Electric and Siemens in the hospital and lighting markets. (Additional reporting by Roberta B. Cowan; Editing by Sara Webb and Erica Billingham) Technology Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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