Philips hikes dividend, launches $1.72 billion share buyback after fourth-quarter profit beat

AMSTERDAM (Reuters) - Dutch health technology company Koninklijke Philips NV (Philips) on Tuesday announced a 6 percent increase in dividends and a 1.5 billion euro (£1.30 billion or $1.72 billion) share buyback plan, after its fourth-quarter core profit beat expectations.

The company reported adjusted earnings before interest, taxes and amortisation (EBITA) rose 10 percent in the fourth quarter ended December, 2018, to 971 million euros, it said in a statement. Analysts polled by Reuters had expected core profits of 960 million euros.

(Reporting by Bart Meijer; Editing by Rashmi Aich)