AMS Osram soars on strong Q3 outlook with Q2 profits in line

Osram Licht AG

28/07/2023 08:16

** Shares in AMS Osram  AMS.S  jump 10%, on track for best
day in over three years, after the Swiss sensor maker on
Thursday reported Q2 results at the upper end of guidance,
expecting revenues to improve in Q3
    ** The company expects Q3 revenue to amount between 840-940
million euros ($922.49 million - $1.03 billion) with adj. EBIT
margin of 5-8%
    ** "The automotive business is showing normalising patterns,
with the consumer business also showing signs of improvement"
Jefferies says, citing 'strong Q3 guidance' for the company's
outlook
    ** Jefferies says AMS Osram posted better than expected Q2
profitability and the company's guidance Q3 adjusted EBIT margin
to 5-8% is well above the broker's 4.8% forecast
    ** The Swiss-listed company's revenues came in at 851
million euros, and adj. EBIT margin of 5.9% in the second
quarter
    ** German peer Aixtron  AIXGn.DE  on Thursday raised its FY
outlook, aided by solid quarterly results
    ** AMS Osram stock has gained 9.75% YTD with Friday's gains
and tops the Swiss mid-cap index  .SMIM 


($1 = 0.9106 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))