AMS Osram's Q3 results in line with expectations, keeps mid-term guidance (updated)

Osram Licht AG

31/10/2023 07:12

(Adds details, background, share movement)
       Oct 31 (Reuters) - Austrian sensor maker AMS Osram
 AMS.VI  on Tuesday reported third-quarter group sales in line
with expectations and also posted an upbeat fourth-quarter
outlook, driven by strong core business in its automotive
division.
    The company expects its fourth-quarter revenue to come in at
850 million ($900.75 million) to 950 million euros with an
adjusted EBIT margin of 5%-8%. 
    The Austrian sensor maker reiterated its mid-term guidance.
Its shares are seen up 1.9% in Julius Baer pre-market trade.
    The company reported revenue of 904 million euros for the
quarter, in line with previous guided scope of 840 million euros
to 940 million euros. The number is slightly higher than
analysts' forecast of 877.72 million euros in the poll by LSEG. 
    On Oct. 30, the company signed an over 400-million-euro sale
and leaseback agreements for its Malaysian plant.
    It plans a rights issue and senior notes placement in 2023,
subject to market conditions, chief executive officer Aldo
Kamper said in a statement.
    The capital increase and divestment come after the
extraordinary general meeting of AMS Osram on Oct. 20 approved a
rights issue of 800 million euros as part of the
2.25-million-euro capital increase program for ensuring
structural growth and covering financing needs until 2025-26. 

    ($1 = 0.9437 euros)
    

 (Reporting by Amir Orusov and Anastasiia Kozlova; Editing by
Sherry Jacob-Phillips and Mrigank Dhaniwala)
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