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Munich (Reuters) – Sales problems in the automotive industry have not pushed Osram into the office of the lighting technology group as much as he feared.
Although operating profit (adjusted EBITDA) contracted 13% to 605 million euros during the past fiscal year, Osram announced Tuesday after closing the deadline. However, in its second forecast correction, the company had promised only 570 to 600 million euros during the financial year from September to September. Analysts polled by Reuters had recently expected 583 million euros.
Net profit even fell 48% to 142 million euros. Nevertheless, Osram wants to spoil its shareholders with a constant dividend of 1.11 euros and a share buyback program of 400 million euros.
Despite major difficulties, such as the turbulence in the automotive industry and project deferrals from some customers, Osram generated a "decent" sales return of 14.7 percent, said CEO Olaf Berlien. The turnover excluding supply and sales grew by nearly 2% to 4.1 billion euros. Osram works largely with the auto industry, which has to deal with the consequences of the diesel scandal and the US-led trade disputes.
For the year just starting, Osram expects at best a 3% sales increase and a 12 to 14% decline in sales performance. "The company is expected to grow more efficiently in the second half of the year than at the beginning of the semester," the company said. To stabilize the activity, a re-sorting of the three divisions should contribute to this. Osram intends to divide its activities in the areas of automatic lighting, digital light management and optical semiconductors.
Osram will present more details at its annual press conference in Munich on Wednesday.
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