Royal Philips Electronics NV, Europe's largest TV maker, raised its target for profitability and said operating profit per share will more than double by 2010.
Earnings before interest, tax and amortization at its businesses will exceed 10 percent of sales by 2010, the company said in a statement on its Web site. Profitability on that basis will be more than 7.5 percent this year, Philips said. The company previously had aimed for a 7.5 percent margin beyond this year as well, spokesman Arent Jan Hesselink said.
"This is very good. The targets are a very clear commitment," said Jan Willem Berghuis, an Amsterdam-based analyst at Kempen & Co who has a "buy" rating on the stock.
Philips also said it will merge its consumer electronics, domestic appliances and personal care units into one division, called consumer lifestyle.
The Amsterdam-based company said it will save as much as 200 million euros (US$275.7 million) in costs from "the organizational simplification."
Philips shares rose 2.8 percent to 29.15 euros as of 9:05am in Amsterdam, heading for their biggest gain in two months. The stock earlier rose as much as 3.2 percent.
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