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MarketScreener Homepage  >  Equities  >  Xetra  >  OSRAM Licht AG    OSR   DE000LED4000

OSRAM LICHT AG

(OSR)
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Osram maintains full year guidance despite third-quarter sales plunge

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07/29/2020 | 01:49am EDT
FILE PHOTO: Flags with the logo of German lighting manufacturer Osram Licht AG blow in the wind in Munich

German lighting group Osram on Wednesday said savings measures and improved conditions in some regions would help it achieve the profit forecast it set for the 2019/20 fiscal year despite an almost 30% drop in third-quarter sales.

"Our business performance shows that we were well prepared for the crisis," said Chief Executive Olaf Berlien. "In particular, our development in North America and China makes us confident that we will achieve our current forecast for the year despite all adversities."

The COVID-19 pandemic has hit demand from the automotive, semiconductor and digital lighting sectors, leading to a 29.4% fall in Osram's revenue to 606 million euros (550.09 million pounds) in the three months that ended in June over the comparable 2019 period.

But the group's adjusted EBITDA margin (earnings before interest, taxes, depreciation and amortisation) came in at minus 4.5%, well above an anticipated level of up to minus 10% seen in June.

Osram said then that sales in the 12 months to end-September could drop by up to 19% and the adjusted EBITDA margins would likely range between 3% and 6%.

Maintaining the forecast, Berlien said the current final quarter of the 2020 financial year will continue to be economically challenging.

In the third quarter, automotive revenues fell most sharply by 35.7% to 282 million euros, those in Opto Semiconductors by 19% to 297 million, and in the digital business 31% to 159 million.

Osram this month closed the takeover of Austrian sensor specialist AMS AG, which plans to make the combined entity, called ams+OSRAM, a European leader in sensors and light.

Osram also said that its supervisory board members Roland Busch, Frank H. Lakerveld and Arunjai Mittal resigned from their mandates on Tuesday.

They will be succeeded by management consultant Hans-Peter Metzler, ams board member Thomas Stockmeier and ams works council member Johann Christian Eitner.

(Reporting by Vera Eckert; Editing by Michelle Martin)


Stocks mentioned in the article
ChangeLast1st jan.
AMS AG -1.97% 20.46 Delayed Quote.-47.03%
OSRAM LICHT AG 0.00% 50.9 Delayed Quote.15.24%
SIEMENS AG -0.45% 107 Delayed Quote.-7.74%
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Financials
Sales 2020 3 052 M 3 604 M 3 604 M
Net income 2020 -170 M -201 M -201 M
Net Debt 2020 441 M 520 M 520 M
P/E ratio 2020 -28,7x
Yield 2020 -
Capitalization 4 785 M 5 655 M 5 651 M
EV / Sales 2020 1,71x
EV / Sales 2021 1,58x
Nbr of Employees 21 800
Free-Float 22,3%
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Technical analysis trends OSRAM LICHT AG
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 44,06 €
Last Close Price 50,88 €
Spread / Highest target 57,2%
Spread / Average Target -13,4%
Spread / Lowest Target -33,2%
EPS Revisions
Managers
NameTitle
Olaf Berlien Chief Executive Officer
Peter Bauer Chairman-Supervisory Board
Kathrin Dahnke Chief Financial Officer
Stefan Horst Michael Kampmann Chief Technology Officer
Christine Bortenlänger Independent Member-Supervisory Board
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