November 6, 2017 / 6:28 PM / a year ago

Osram targets further profit, sales growth in 2018

BERLIN/FRANKFURT, Nov 6 (Reuters) - German lighting maker Osram expects further growth in profit and sales next year after posting 2017 results that matched expectations on Monday as it sold more automotive chips.

The Munich-based company, which competes with Philips Lighting and General Electric, said core earnings (adjusted EBITDA) rose more than six percent to 695 million euros ($807.10 million) on sales that rose eight percent to more than 4 billion euros.

That gave it an EBITDA (earnings before interest, tax, depreciation and amortisation) margin of 16.8 percent, adjusted for special items, compared with its forecast for a margin of 16.5 to 17.5 percent.

Osram said it is targeting adjusted EBITDA of around 700 million euros next year, forecasting sales to increase between 5.5 and 7.5 percent.

Separately, it said it has agreed with auto parts and tyre maker Continental to set up a joint venture next year for lighting solutions in the auto industry. ($1 = 0.8611 euros) (Reporting by Andreas Cremer and Georgina Prodhan, editing by David Evans)

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