Osram reports higher operating profit, net loss (updated)
04/02/2015 06:39
* Q1 adjusted EBITA 151 mln eur vs Reuters poll avg 127 mln
* Net loss 39 mln eur on restructuring costs of 184 mln eur
* Confirms full-year outlook
(Adds details)
FRANKFURT, Feb 4 (Reuters) - German light manufacturer Osram
Licht OSRn.DE reported a 23 percent increase in adjusted
operating profit for the December quarter, helped by a rise in
sales of automotive lamps and LEDs.
Adjusted earnings before interest, tax and amortisation
(EBITA) rose to 151 million euros ($173 million) in Osram's
fiscal first quarter, it said on Wednesday, beating the average
estimate of 127 million euros in a Reuters poll. ID:nL6N0V931Z
Restructuring costs of 184 million euros, mainly for job
cuts in Europe, pushed Osram to a deeper-than-expected net loss
of 39 million euros in the quarter.
Osram, the world's second-biggest light maker after Dutch
Philips PHG.AS , is racing to stay ahead of Asian rivals such
as Seoul Semi 046890.KQ , Nichia 5393.T or Epistar 2448.TW
that specialise in more profitable LED lighting.
The German company reiterated it expected its 2014/15
revenue adjusted EBITA margin to be comparable with the previous
year's, but net income would fall sharply due to further costs
of restructuring, in which it has cut thousands of jobs.
New Chief Executive Olaf Berlien said in a statement that
Osram would give a strategy update in spring.
($1 = 0.8715 euros)
(Reporting by Georgina Prodhan; Editing by Anupama Dwivedi)
((georgina.prodhan@thomsonreuters.com; +49 69 7565 1279;
Reuters Messaging:
georgina.prodhan.thomsonreuters.com@reuters.net))
Keywords: OSRAM LICHT RESULTS/