Half Year 2024 ams Osram AG Earnings Call Transcript
Key Points
- ams-OSRAM AG (AUKUD) reported solid results in the second quarter despite increasing uncertainties, with revenues reaching EUR890 million, landing at the midpoint of their guided range.
- The semiconductor business showed a 3% quarter-over-quarter increase, driven by automotive and industrial applications such as horticulture and professional lighting.
- Adjusted EBITDA improved to 16.5% or EUR135 million, marking a 9% increase from the first quarter, attributed to better factory loading and structural savings.
- The company secured significant new business, with design wins amounting to EUR2.5 billion in lifetime value for the first half of 2024, supporting mid- to long-term growth ambitions.
- The restructuring and efficiency program, 'reestablish the base,' is on track, with EUR60 million of structural cost savings realized, aiming for EUR150 million by the end of 2025.
- Group revenues decreased slightly quarter-over-quarter, with a EUR28 million seasonal decline, primarily due to the Lamps and Systems business.
- The Specialty Lamps business for industrial and entertainment applications remained at a low level, with high inventories at semi equipment customers.
- The semiconductor segment CMOS sensors and ASICs saw a quarter-over-quarter revenue decline of EUR9 million, impacted by the ramp-down of legacy consumer designs.
- The automotive market is experiencing weakening demand, with reduced car unit forecasts impacting revenue expectations.
- The company faces pricing pressure in the automotive segment due to competitive dynamics and margin pressures faced by Tier 1s and OEMs.
Good morning. This is Juergen speaking. I would like to welcome you to our second quarter 2024 earnings call for investors and analysts. With me are Aldo Kamper, CEO; and Rainer Irle, CFO. Aldo will comment on business and strategy. Rainer will comment on financials.
After our introductory remarks, we are happy to answer your questions. Aldo and Rainer will refer to the earnings call presentation that you'll find on our website. For further information, we always provide a full slide deck that you can find on the website as well.
Aldo, please share with us your thoughts on second quarter business and strategy development.
Thank you, Juergen, and good morning to everyone from my side as well. We are happy with our solid results in the second quarter in an environment in which uncertainties are increasing. Let us take a look at slide number 2. Q2, group revenues decreased slightly as guided quarter-over
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