Osram CEO says too soon to raise 2020 targets
FRANKFURT May 3 German lighting group Osram said its 2020 targets looked easier to achieve after a strong quarter that led it to raise its full-year targets on Tuesday but it was too early to hike the mid-term goals.
"Our 2020 goal is very ambitious," Chief Executive Olaf Berlien told journalists on a conference call on Wednesday. "We are on the right track... but one swallow does not make a summer."
Osram is targeting revenue of 5 to 5.5 billion euros ($5.5 to $6 billion), core profit (EBITDA) of 0.9 to 1 billion euros and earnings per share of around 5 euros by 2020.
That compares with revenue of 3.8 billion euros, EBITDA of 621 million euros and EPS of 3.83 euros in its fiscal year to end-September 2016.
Osram on Tuesday raised its fiscal 2017 targets, saying it now expected revenue growth of 7 to 9 percent, an EBITDA margin of 16.5 to 17.5 percent and diluted EPS of 2.70 to 2.90 euros.
Its shares retreated on Wednesday from Tuesday's record high, trading down 1.4 percent at 61.31 euros by 0750 GMT, against a 0.5 percent-weaker German mid-cap index.
($1 = 0.9162 euros) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)