Osram lowers revenue expectations, sells luminaire business

August 03, 2018 //By Julien Happich
Osram lowers revenue expectations, sells luminaire business
“Despite a difficult market environment, we continue to generate good returns in our most important business areas. We are actively addressing the temporary weakness in demand of our customers in the automotive industry and improving our cost base. To ensure success, we are accelerating the current reorganization process and have laid an excellent foundation with the recently achieved reconciliation of interests," said Olaf Berlien, CEO of OSRAM Licht AG, adding that "nothing has changed in terms of long-term growth opportunities."

Osram held its ground in a difficult market environment in the third quarter of its 2018 fiscal year. On a comparable basis, revenue remained consistent with the prior year's level of €1.02 billion. At €133 million, EBITDA adjusted for special items was significantly below the prior year's level. The adjusted EBITDA margin reached 13.1 percent. Foreign exchange effects as well as higher expenses for R&D and ramp-up costs burdened the adj. EBITDA in Q3 with more than €40 million.

In the first nine months these effects summed up to more than €130 million – of which €75 million where lost to foreign exchange fluctuations alone. The company attribute these lower revenues to recent worldwide changes in customers and distributors ordering behaviour due to existing and imminent trade restrictions.

In the third quarter of the fiscal year, the general economic slowdown and weak demand in the automotive industry was primarily reflected in our semiconductor segments Opto Semiconductors (OS) and in the Specialty Lighting (SP) segment. The trade tariffs in the USA, more stringent emission tests in Europe and lower production expectations from premium manufacturers have also caused uncertainty. In addition, there were project delays in business with mobile devices and horticulture applications and a continued slowdown of the general lighting market.  Osram Licht AG officially reported its decision to divest its luminaires business.

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