By Kim Richters
Osram Licht AG said Friday that its adjusted earnings and revenue fell in fiscal 2020 as it was hit by the coronavirus pandemic.
The German lighting-technology company posted a net loss of 189 million euros ($223.6 million) in the period ended Sept. 30 compared with a net loss of EUR405 million in the fiscal year prior, when it booked major impairment losses.
Adjusted earnings before interest, taxes, depreciation and amortization fell to EUR253 million from EUR307 million. Its adjusted Ebitda margin fell to 8.3% from 8.9%, although Osram said cost savings helped support its margins.
Revenue declined to EUR3.04 billion from EUR3.46 billion. All figures are for the company's ongoing business.
Osram confirmed its guidance for the fiscal 2021 year, which includes comparable revenue growth of between 6% and 10% as well as an adjusted Ebitda margin of 9% to 11%. The guidance assumes that the effects of the coronavirus pandemic will be overcome in the current financial year.
At a press conference for Osram's results, the company's Chief Executive Olaf Berlien said he didn't expect a squeeze-out by majority shareholder Ams AG within the next two years. With a guaranteed dividend of 5%, there was no reason for hedge funds to exit quickly in the current situation, he said.
-Olaf Ridder contributed to this article.
Write to Kim Richters at firstname.lastname@example.org
(END) Dow Jones Newswires