Osram Licht AG (OSRn.DE)
Wed, Apr 25 2018
FRANKFURT Shares in German lighting group Osram dropped to a 15-month low on Wednesday after the group cut its 2018 core profit guidance due to "muted" business in the first half of the year and a weak dollar versus the euro.
* Shares drop 11 percent (Recasts, adds share price, analyst comments)
FRANKFURT, April 24 German lighting group Osram stepped up cutbacks and slashed its guidance for adjusted core profit and earnings per share in fiscal 2018, citing a weak dollar and slower business development.
* JOINT VENTURE INVOLVING AROUND 1,500 EMPLOYEES SCHEDULED TO START IN THE SECOND HALF OF 2018
* Q1 adj EBITDA falls less than expected (Recasts with CFO comment on guidance, sales figures)
* Shares turn positive after dropping more than 4 pct (Updates shares, adds CEO, analyst comments, background on Kulim plant)
* CEO says not happy with LSS lighting business, will consider all options to improve it
BERLIN/FRANKFURT German lighting maker Osram expects further growth in profit and sales next year after posting 2017 results on Monday that matched expectations as it sold more automotive chips.
* Agrees JV terms with Continental (Adds company comment, detail and background)
* Starts with 1,500 staff in 17 locations worldwide (Adds confirmation from both firms, detail and Continental comment)