UPDATE 2-Philips consumer business holds up amid econ gloom

(Adds details, background, updates shares)

By Niclas Mika

AMSTERDAM, July 14 (Reuters) - Philips Electronics (PHG.AS) said its consumer business had held up in weaker economies and posted second-quarter results in line with expectations, reassuring investors and sending its shares up over 7 percent. Amsterdam-headquartered Philips (PHG.N) said on Monday earnings before interest, tax and amortisation (EBITA) rose 7 percent to 413 million euros ($648.8 million).

Earnings were influenced by a number of extraordinary items, including 121 million euros of restructuring or acquisition-related charges and a 56 million euro gain on the sale of Philips' TV set-top box business.

"When you exclude all the 'funnies', EBITA and EBIT are spot on our estimates. It's reassuring that they are seeing continued growth in the second half for medical and emerging markets," ING analyst Marcel Achterberg said.

Lehman Brothers analysts said the results were broadly in line, as a better-than-expected performance for the consumer business excluding the troubled television unit offset a weaker healthcare business.

The average forecast in a Reuters poll of 11 analysts was for EBITA to fall.

Philips shares rose 7.6 percent to 20.9 euros by 0808 GMT, beating a 1.3 percent rise in the DJ Stoxx 50 index . The shares are still down about 30 percent this year.

"We were seeing a sharp decline (in the share price) on Friday, apparently because people got worried that the end of the world was getting near ... with these results, there is no reason to be extremely worried about Philips," Petercam analyst Eric de Graaf said.