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OSRAM Withdraws Fiscal Year Guidance

Company said it doesn't expect to achieve its corporate targets.

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By: Anthony Locicero

Copy editor, New York Post

Due to the COVID-19 pandemic, OSRAM said it doesn’t expect to achieve its corporate targets for the current 2020 financial year.

“Given the unprecedented operational and financial challenges posed by the spread of COVID-19 and the uncertain developments in the coming weeks, the economic impact of the pandemic on OSRAM, however, can neither be adequately determined nor reliably quantified at this time,” the company said. “The COVID-19 pandemic and the global response measures taken in this context, in particular, the increasing number of production shutdowns by customers of OSRAM and the disruption of global supply chains, are expected to have a significant impact on the world economy and in particular on the global automotive industry.

“This will also affect demand in OSRAM’s business units Opto Semiconductors and Automotive, whose activities in automotive business accounted for more than 50% of OSRAM group’s sales in the 2019 financial year,” the company added. “In general, ensuring the health and safety of employees is the highest priority for OSRAM. Furthermore, OSRAM is preparing an additional comprehensive package of measures. Amongst others, OSRAM is considering short-time working at locations which are particularly affected, and the temporary closure of some of its own production facilities.”

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