Philips: Sales and profits up in 3rd quarter, delay in sale of LED lighting division stake

Lighting and healthcare giant Royal Philips NV says its third-quarter net profit soared to 324 million euros ($357 million) from a loss of 103 million euros in the same quarter last year, when it took a 366 million-euro charge after losing a patent lawsuit.

Sales rose to 5.84 billion euros from 5.2 billion.

Philips also announced Monday that there is a hitch in the sale of an 80.1-percent stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital.

The deal, worth up to $2.9 billion, was expected to be completed in the third quarter, but Philips says that the Committee on Foreign Investment in the United States has "expressed certain unforeseen concerns" about the sale.