Osram: second-quarter results down as expected
(CercleFinance.com) - German lighting group Osram said performance was "as expected" in its second fiscal quarter, even though economic conditions have continued to slow down.
On a comparable basis revenue fell by 13.5% to 862 million euros from January to March, the Munich based company said, while adjusted EBITDA margin fell from 16.9% last year to reach 8.1%.
When Osram unveiled preliminary key figures at the end of March, it said that the decline in sales was expected to be around 15% for the quarter, with an EBITDA margin "in the mid to higher single-digit range."
"The weakness in our core markets continues," today said CEO Olaf Berlien.
"Especially the downturn in the automotive segment leads to high inventories in the Chinese market," he added in the statement.
Still, Osram confirmed its full year targets, prompting a 5.7% rise in the shares this morning in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
On a comparable basis revenue fell by 13.5% to 862 million euros from January to March, the Munich based company said, while adjusted EBITDA margin fell from 16.9% last year to reach 8.1%.
When Osram unveiled preliminary key figures at the end of March, it said that the decline in sales was expected to be around 15% for the quarter, with an EBITDA margin "in the mid to higher single-digit range."
"The weakness in our core markets continues," today said CEO Olaf Berlien.
"Especially the downturn in the automotive segment leads to high inventories in the Chinese market," he added in the statement.
Still, Osram confirmed its full year targets, prompting a 5.7% rise in the shares this morning in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.