Osram: results fare better than expected, shares up
(CercleFinance.com) - German lighting group Osram Licht said that in the past quarter it managed to perform "better than expected" compared to its main markets, thanks to "decisive countermeasures," which has sent its shares up 3% on the Frankfurt Stock Exchange.
Revenue fell by more than 29% on a comparable basis, to 606 million euros in its fiscal third quarter, but this was less than expected compared to the industry.
The group's EBITDA loss before special items was a lot better than expectations, at -27 million euros, Osram said in a statement.
While the automotive business was the hardest hit by the slump in sales, the opto-semiconductor unit developed fairly well, the company said, with sales down just 18%.
"The success of our Covid-19 measures and our liquidity management are clearly reflected in our quarterly figures", said CEO Olaf Berlien.
Osram said that, in the past quarter alone, it already achieved the total savings that it forecast for the whole year, and sees itself "well on track" to meet its full-year targets.
The Frankfurt-listed shares were up over 3% after these announcements.
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