June 28, 2018 / 10:29 AM / 20 days ago

Osram slashes guidance on auto sector uncertainty, project delays

FRANKFURT, June 28 (Reuters) - German lighting group Osram slashed its full-year guidance a second time on Thursday, citing uncertainty among its automotive clients and delays to some projects, and said it would accelerate cost-cutting efforts.

The group said it now expected its revenues to grow by only 1 to 3 percent in the fiscal year through end-September, compared with previous expectations for 3 to 5 percent.

It now sees adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 570 million to 600 million euros ($659-694 million), down from previous guidance for 640 million.

“Additional measures are currently being prepared, including in procurement and in relation to improving efficiency in research and development,” Osram said in a statement.

$1 = 0.8644 euros Reporting by Maria Sheahan; Editing by Christoph Steitz

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