Osram’s financial results for fiscal 3Q20 are better than expected: revenue on a comparable basis fell by 29% YoY to €606m due to the impact of the Coronavirus crisis. EBITDA before special items was well above expectations at negative €27m.
Osram’s automotive business unit was impacted the most with on-year sales dropped by 35% to €282m, as foreseen by the company. The decline in the Opto Semiconductors business unit was less severe, dropping by 19% to €297m. Revenues of the digital units also decreased by 31% to €159m. The company touted the effectiveness of their COVID-19 measures and are seeing recovery signs in the market; they believe they are on track to meet their annual forecast as adjusted this past June.
The acquisition of Osram by AMS finally closed last month, after the approval of the European Commission. AMS increased their Osram shares from 69% to 71% on July 29, and now aim to further accelerate the integration, having joined Osram’s supervisory board, with independent management consultant Hans-Peter Metzler, AMS board member Thomas Stockmeier and AMS works council member Johann Christian Eitner replacing Roland Busch, Frank H. Lakerveld and Arunjai Mittal.