Low carbon LED lights make up a quarter of Philips' sales
- 24 April 2013
Philips released its first quarter (Q1) financial results yesterday, revealing that its low carbon LED lights have seen a 38% surge as part of a Q1 net income of US$211 million.
The company shared the following Q1 milestones in its report:
- Sales of LED-based products grew 38% compared to Q1 2012, which now represents 23% of Philips Lighting sales.
- Philips lit up the main streets of Moscow in Russia and the iconic Dragon Bridge in D Nang in Veitnam with LEDs.
- Several large new deals have also been secured, such as a multi-year contract to switch the majority of the lighting in the Paris Metro and Paris RER stations in France to LEDs.
In the Q1 statement, Philips said it is on track to meet end of year targets and that it expects LED lighting to account for 45% of the lighting market by 2015.
In his note commenting on the results, Frans van Housten, CEO, Philips said: “At Lighting, LED-based sales grew 38% over the previous year. […] We will continue to drive the execution of the Accelerate! initiatives, which include major productivity improvements and investments in innovation and sales capabilities.”
Harry Verhaar, Senior Director Energy and Climate Change, Philips Lighting, said: “The 38% growth rate of our LED sales in the first quarter of 2013, is a great proof-point of how clean energy technologies like LED lighting open up the pathway to a sustainable society, where environmental benefits and improvements in quality of life go hand-in-hand with economic progress.”
Jim Walker, Co-founder and International Programs and Strategy Director, The Climate Group, said: “These first quarter results from Philips show that the LED lighting market has survived the economic downturn and that the technology is continuing on its rapid improvement curve. Companies looking to dominate their sectors tomorrow should follow Philips’ lead and invest in developing low carbon products and services today. That is where consumer interest, lower costs and higher profits will lie in the clean economy.”
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