The global lighting giant, Osram announced the company’s amendment of the yearly forecast in response to market slowdown in the automotive sector. The company reported that the restrictions on trade and sales for automotive manufacturers significantly created business uncertainty.
Osram reported that the estimated revenue growth is now 1.0 to 3.0 percent (previously 3.0 to 5.0 percent) and the adjusted earnings before interest, taxes, depreciation and amortization will be 570-600 million euros instead of its 640 million euros. The company also adjusted the projection for earnings per share from 1.9 – 2.1 euros to 1.0 – 1.2 euros.
In addition to the outlook adjustment, the Managing Board of Osram also decided to take the measures of profit improvement including reducing overhead costs and reorganizing the factory alliance, as well as to improve efficiency in research and development.
Osram will further develop its medium term strategy to be released at a Capital Markets Day in autumn and update the results of its organizational realignment and medium tern financial targets on August 1st, 2018.
(Image: Osram)
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