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Osram Licht Q3 Loss Widens On Weak Revenues; Says Confident To Meet FY20 View

Osram Licht AG (OSAGF.PK), a German manufacturer of lamps, lighting systems, and electronic control gears, reported Wednesday that its third-quarter loss after tax was 140 million euros, wider than last year's loss of 35 million euros.

Adjusted EBITDA was negative 27 million euros, but well above expectations, while last year's adjusted EBITDA was positive 58 million euros.

Revenue declined 28.7 percent to 606 million euros from last year's 850 million euros, due to the impact of the Coronavirus crisis. Revenue on a comparable basis fell by 29.4 percent.

Looking ahead, Olaf Berlien, CEO of OSRAM Licht AG, said, "Our business performance shows that we were well prepared for the crisis. In particular, our development in North America and China makes us confident that we will achieve our current forecast for the year despite all adversities."

Further, Osram said its Supervisory Board members Roland Busch, Frank Lakerveld and Arunjai Mittal resigned from their mandates on Tuesday evening.

They are followed by the independent management consultant Hans-Peter Metzler, ams board member Thomas Stockmeier and ams works council member Johann Christian Eitner.

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