|
Category: Investment, Technology
Nokia Corporation (NYSE: NOK) - Interim Report
Nokia Q4 2009 net sales EUR 12.0 billion, non-IFRS EPS EUR 0.25 (reported EPS EUR 0.26)
Nokia 2009 net sales EUR 41.0 billion, non-IFRS EPS EUR 0.66 (reported EPS EUR 0.24)
Nokia Board of Directors will propose a dividend of EUR 0.40 per share for 2009 (EUR 0.40 per share for 2008)
FOURTH QUARTER 2009 HIGHLIGHTS
- Nokia net sales of EUR 12.0 billion, down 5% year on year and up 22% sequentially (down 4% and up 20% at constant currency).
- Devices & Services net sales of EUR 8.2 billion, up 0.5% year on year and up 18% sequentially (up 2% and 16% at constant currency).
- Services net sales of EUR 169 million, up 15% sequentially; billings of EUR 226 million, up 31% sequentially.
- Estimated industry mobile device volumes of 329 million units, up 8% year on year and up 14% sequentially.
- Nokia mobile device volumes of 126.9 million units, up 12% year on year and up 17% sequentially.
- Nokia estimated mobile device market share of 39% in Q4 2009, up from an estimated 37% in Q4 2008 and 38% in Q3 2009. The full year 2009 estimated market share was 38%, down from 39% in 2008.
- Nokia grew its converged device market share to an estimated 40%, from an estimated 35% in Q3 2009.
- Nokia improved the ASP of its mobile devices to EUR 63, from EUR 62 in Q3 2009.
- Devices & Services increased its gross margin to 34.3%, from 30.9% in Q3 2009.
- NAVTEQ non-IFRS net sales of EUR 225 million, up 9% year on year and up 36% sequentially, and non-IFRS operating margin of 24.0%, down from 25.9% in Q3 2009.
- Nokia Siemens Networks net sales of EUR 3.6 billion, down 16% year on year and up 31% sequentially (down 17% and up 29% at constant currency).
- Nokia operating cash flow of EUR 1.5 billion, more than double the operating cash flow for Q3 2009.
- Total cash and other liquid assets of EUR 8.9 billion at the end of Q4 2009.
- Nokia taxes were unfavorably impacted by Nokia Siemens Networks taxes as no tax benefits are recognized for certain Nokia Siemens Networks deferred tax items. If Nokia’s estimated long-term tax rate of 26% had been applied, non-IFRS Nokia EPS would have been approximately 1 Euro cent higher.
OLLI-PEKKA KALLASVUO, NOKIA CEO:
"We grew our market share in smartphones in the fourth quarter, driven by the successful launch of new touch and QWERTY models. Our performance in smartphones, combined with continuing success in the emerging markets, helped us increase sales in our Devices & Services unit, both quarter-on-quarter and year-on-year. Our solid results also owe a good deal to world class supply chain management and impressive sales execution.
I was also pleased with Nokia Siemens Networks’ performance in Q4, especially considering the ongoing challenging conditions in the infrastructure market. That performance enabled it to turn in a full year profit on an operative basis.
Our focus remains firmly on execution, especially around user experience. Here I want to highlight our move to shake up the navigation market with free walk and drive navigation on our smartphones, a good example of how we are leveraging our assets to bring real benefits to consumers."
INDUSTRY AND NOKIA OUTLOOK
- Nokia expects Devices & Services net sales to be between EUR 6.5 billion and EUR 7.0 billion in the first quarter 2010.
- Nokia expects its non-IFRS operating margin in Devices & Services in the first quarter 2010 to be negatively impacted by seasonality and to be at the lower end of the range of its full year 2010 target, which continues to be 12% to 14%.
- Nokia and Nokia Siemens Networks expect Nokia Siemens Networks’ net sales to be between EUR 2.6 billion and EUR 2.9 billion in the first quarter 2010.
- Nokia and Nokia Siemens Networks expect the non-IFRS operating margin in Nokia Siemens Networks in the first quarter 2010 to be negatively impacted by seasonality and to be below the full year 2010 target, which continues to be breakeven to 2%.
- Nokia continues to expect industry mobile device volumes to be up approximately 10% in 2010, compared to 2009.
- Nokia continues to target its mobile device volume market share to be flat in 2010, compared to 2009.
To Read Complete Research Report
Published at the Investor Ideas Newswire
Investors: Sign up for free newsletter, stock and sector news alerts at Investorideas.com - Or publish your own stock picks and share your investing and trading ideas with other investors. Publish your investor ideas today!
Investorideas.com goal for 2010: 'One Million Members Stronger', empowering one million investors to invest in innovation and technology for a better world. Join us today!
Disclaimer: The following news is paid for and /or published as information only for our readers. Investorideas.com is a third party publisher of news and research .Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising.
|
|
