Osram announced the financial results of its fiscal 3Q20. The German company said that the performance was better than expected compared to the main sales markets.

For Osram’s FY 3Q20, its revenue on a comparable basis fell by 29.4% YoY to EUR 606 million (US$ 711.95 million) due to the impact of the Coronavirus crisis. EBITDA before special items was well above expectations with negative EUR 27 million (US$ 31.75 million).

Osram’s Automotive business unit was impacted the most with on-year sales dropped by 35.7% to EUR 282 million (US$ 331.59 million), which was foreseen by the company. The decline in the Opto Semiconductors business unit was less severe, according to Osram, dropping by 19% to EUR 297 million (US$ 348.92 million). Revenues of the Digital units also decreased by 31% to EUR 159 million (US$ 186.96 million).

The company claimed the effectiveness of its COVID-19 measures and is seeing recovery signs in the market with the belief that it is well on track to meet the annual forecast adjusted in June.

The acquisition of Osram by AMS was finally closed on July 9, 2020, after the approval of the EU Commission. AMS has increased its Osram shares from 69% to 71% on July 29 and aims to further accelerate the integration. The Austria company has joined the supervisory board of Osram lately with the independent management consultant Hans-Peter Metzler, AMS board member Thomas Stockmeier and AMS works council member Johann Christian Eitner replacing Roland Busch, Frank H. Lakerveld and Arunjai Mittal.