Osram: withdraws 2020 earnings guidance due to coronavirus

(CercleFinance.com) - Due to the COVID-19 pandemic, German lighting group Osram said that it does not expect to achieve its corporate targets for fiscal year 2020.


Citing "unprecedented" operational and financial challenges and uncertainty surrounding the situation over the coming weeks, Osram said that the impact of the pandemic on its business can neither be determined nor quantified at this time.

However, the company noted that its activities in the automotive business, an industry that is currently struggling, represented over 50% of its sales in fiscal year 2019.

Osram is currently preparing an additional comprehensive package of measures, including the temporary closure of some of its production facilities.

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