Philips shares open 6 pct down as Q1 earnings drop

Reuters
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AMSTERDAM, April 22 (Reuters) - Philips shares fell more than 6 percent at Tuesday's opening after the company reported lower-than-expected quarterly profit and warned that 2014 will be challenging.

Analysts say they were particularly disappointed by a lack of organic growth.

At 0708 GMT Philips shares were down 6.3 percent at 23.37 euros after falling more than 7 percent at one point.

The Dutch healthcare, lighting and consumer appliances group said earnings before interest, tax and amortisation (EBITA) dropped 22 percent to 314 million euros ($433.4 million) in the first quarter, missing the consensus for 341 million in a Reuters poll.

(Reporting By Anthony Deutsch; editing by Keiron Henderson)

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