Philips Projects Decreased Second-Quarter Earnings

June 19, 2001 by Jeff Shepard

Philips Semiconductors (Netherlands) announced that its semiconductor division will post an operating loss of 175.0 million euros in the second quarter. The company expects that revenues will fall 20 to 25 percent compared with the first quarter.

Philips also announced that it will take a one-time restructuring charge of about 90.0 million euros for the transfer of a US production line from Albuquerque to Fishkill. The charge comes on top of a 350.0 million euros charge already announced for its structurally underperforming activities.