Osram: profit rises on auto market recovery
(CercleFinance.com) - The German lighting group said it had a "remarkable" start to the fiscal year, with the quick rebound of the auto sector and other industries leading to a full order book.
The Munich-based company this morning announced revenue of 840 million euros in the quarter to end-December, flat year-on-year on a comparable basis, but up 14% sequentially.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 162 million euros, from 114 million euros one year earlier, giving a margin of 19.3%, compared to just 13% a year ago.
Last month, Osram raised its outlook for the fiscal year, citing "extremely positive business developments" and the "rapid recovery" of the automotive market.
The lighting company said it is working alongside Austrian sensor maker ams to complete their merger, pending court procedures regarding "domination and profit and loss transfer agreement" (DPLTA), a mechanism whereby ams would be allowed to use Osram's assets to finance its own debt.
The Osram share was trading down 0.5% in Frankfurt after the report.
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