Philips Lighting presents financial results

　　Playing purely in the lighting space, Philips Lighting is dealing in larger numbers. The company reported revenue of EUR 1.7B (about $2B) for Q3 2017. The good news was in the area of sales based on LED technology where revenue grew 22% and now represents 68% of Philips Lighting’s total sales. In the same quarter a year back, LED-based sales represented 56% of revenue. Profit margins reached 10.5% for the quarter. Philips Lighting only began issuing its own financial reports early this year.

　　“In line with our objectives, Philips Lighting returned to comparable sales growth in the quarter,” said CEO Eric Rondolat. “For the first time in our transformation, the growth of LED and connected lighting systems and services more than offset the decline of our conventional business. At the same time, we continued to improve our profitability, with LED and connected lighting systems and services being substantial contributors. This demonstrates the successful execution of our strategy as we remain on track to reach our outlook for 2017.”