ams OSRAM jumps as it guides for higher Q3 revenue
26/07/2024 07:37
** Shares in ams OSRAM AMS.S jump 12% in pre-market trade
as the Austrian sensor maker forecast higher revenue for Q3,
after posting Q2 earnings beat
** ams OSRAM expects Q3 revenue to come between 830 million
and 930 million euros ($900.55 million-$1.01 billion)
** Its Q2 adjusted EBIT came in at 56 million euros,
compared with analysts' expectations of 44.1 million euros in a
poll by Vara Research
** "Given numerous profit warnings this reporting season due
to weakening auto & industrial demand, we see the ams Q3 outlook
today as a positive message, confirming the improvements the
company is making post restructuring," Stifel says
** Vontobel also notes that the Q3 outlook is a relief given
recent peer results
** The stock, which has lost 49% YTD, is seen at the top of
Swiss mid-cap index .SMIM
($1 = 0.9217 euros)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))