OSRAM Licht AG announced unaudited earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported revenues of EUR 1,026 million compared with EUR 991 million for the same period a year ago. EBITDA was EUR 157 million compared with EUR 188 million for the same period a year ago. Adjusted EBITDA was EUR 172 million compared with EUR 179 million for the same period a year ago. Profit after tax was EUR 90 million compared with EUR 92 million for the same period a year ago. Negative free cash flow was EUR 119 million compared with positive free cash flow of EUR 83 million for the same period a year ago.

The company provided earnings guidance for the year 2018. For the fiscal year 2018, the company expects earnings per share to be between EUR 2.40 and EUR 2.60. The company expected a free cash flow between negative EUR 50 million and negative EUR 150 million. The company budgets a revenue increase of between 5.5% and 7.5%. The EBITDA adjusted for special items is likely to be around EUR 700 million and will be influenced by factors such as currency effects, ramp-up costs for Kulim and increased capital expenditure on research and development, which adds up to a three digit million Euro amount. The company continue to expect approximately EUR 600 million in CapEx, no changes here. Working capital performance continued to be excellent with days outstanding stable at 48 days.