Osram: quarterly earnings dip on auto slowdown
(CercleFinance.com) - The third quarter has showed no signs of any business revival for Osram, the German lighting group said, with the automobile markets in particular showing weak performance.
Company revenue, on a comparable basis, fell by 14.9% year-on-year to 850 million euros in the period April-June, while EBITDA adjusted for special items reached 58 million euros, down 58% year-on-year.
Performance was impacted by the reduced profitability of its automotive business, Osram said.
Osram - which is currently subjet to a friendly takeover bid from Bain and Carlyle - painted a bleak outlook for the future.
"We are not seeing any significant short-term recovery of the markets," said CEO Olaf Berlien.
Despite this, the shares were up 0.7% this morning in Frankfurt. They have fallen by over 10% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Company revenue, on a comparable basis, fell by 14.9% year-on-year to 850 million euros in the period April-June, while EBITDA adjusted for special items reached 58 million euros, down 58% year-on-year.
Performance was impacted by the reduced profitability of its automotive business, Osram said.
Osram - which is currently subjet to a friendly takeover bid from Bain and Carlyle - painted a bleak outlook for the future.
"We are not seeing any significant short-term recovery of the markets," said CEO Olaf Berlien.
Despite this, the shares were up 0.7% this morning in Frankfurt. They have fallen by over 10% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.