Philips Electronics (NYSE: PHG), the world's largest lighting maker, confirmed its stated financial targets on Thursday and also said it is reviewing a number of possible acquisitions.

In a statement issued before a shareholder meeting, the Dutch firm said it was standing by the projections issued in January, which predict revenues to rise between 5 and 6 percent for the year. During the shareholder meeting, executives announced other ways to spend its mounting capital.

We are currently reviewing a number of possible acquisitions and it is our clearly stated policy and practice to return excess cash to shareholders, Philips CEO, Gerard Kleisterlee said.

The firm also pledged to continue to return cash to shareholders through buybacks and dividends and said it will end up with an appropriately leveraged balance sheet probably in no more than two or three years.

Shares of the firm rose $1.22, or 3.2 percent, to $39.17 in late afternoon trading on the New York Stock Exchange.