Osram: cuts 2018 guidance; shares sink

(CercleFinance.com) - Shares in Osram collapsed 10% on Wednesday after the German lighting group lowered its full-year financial targets.


The Munich-based company now expects a comparable revenue growth of 3 to 5 percent in 2018, compared to 5.5-7.5 percent previously.

Furthermore, Osram expects EPS of between 1.90 euro and 2.10 euros, down from 2.40-2.60 euros previously.

Osram said it had to adjust its forecasts for fiscal year 2018 as a result of mixed market environments and the ongoing weak US dollar.

"Although we sense that the cut is purely based on external factors (FX, slowing macro taking a toll on auto demand), both of which appear unlikely to improve short term," one analyst commented this morning.

The Frankfurt-listed shares were down 10.1% at 52 euros after the warning.

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