Trimestrale di Ericsson: debole il volume delle vendite di nuove infrastrutture, con fatturato in calo del 9% (Nokia-Siemens, fra le rivali, aveva chiuso nuovamente in perdita e pronosticato andamento delle vendite flat per tutto il 2010), in calo l'utile netto y-o-y di circa il 25% ma migliorato il margine EBITDA, in forza di un miglior marketing mix (più servizi, a più elevato valore aggiunto) e di tagli dei costi.
E' più ottimista sui tempi di ripresa del mercato delle infrastrutture, che prevede per la parte finale del 2010. Va meglio con l'apporto delle jv con STmicro e Sony, che resta negativo, ma per una perdita molto contenuta, pari ad 1/10 di quella registrata un anno fa...
DJ Ericsson Profit Falls On Lower Sales, Charges
23.04.10 09:40:08- TSGE
Ericsson, the world's largest maker of telecommunications network equipment, reports lower-than-expected 1Q net profit, hit by lower gear sales and restructuring charges, but underlying margins increase due to efficiency improvements.
STOCKHOLM -- LM Ericsson Telephone Co. (ERIC), the world's largest maker of telecommunications network equipment, Friday reported lower-than-expected first-quarter net profit, hit by lower gear sales and restructuring charges, but underlying margins increased due to efficiency improvements.
The Stockholm-based company said net profit fell to 1.26 billion Swedish
kronor ($173 million) for the three months to March 31, down from SEK1.72
billion a year earlier and below analysts' expectations for SEK1.79 billion.
Along with rivals, Ericsson has suffered in the last year from weak demand in several markets as the operators that buy its equipment spent cautiously in the economic downturn.
Still, the first-quarter gross margin improved to 36.8% from 35.5% a year
earlier, beating expectations for 35.4%, driven both by efficiency improvements and a more favourable business mix.
The strong margins underpinned Ericsson's profits even as first-quarter sales were weak, financial analysis firm Bernstein said in a note to investors, adding that Ericsson should be well placed once markets improve later in 2010.
Shares in Ericsson traded higher after the report following an initial dip
Friday, and at 0822 GMT were up 4.1% at SEK83.05, outperforming a 1.3% rise in the broader Stockholm market. The shares have gained around 21% since year-end, outperforming an 11% rise in the wider market amid hopes that the company will benefit from a stronger equipment market as the global economy improves.
"Operators in a number of developing markets were still cautious with their
investments which impacted Networks' sales," Chief Executive Hans Vestberg said, adding that the market conditions seen in the second half of 2009 continued into the start of 2010.
Continued strength in the service business only partly compensated for the
weaker networks sales, the company said.
The company also booked restructuring costs of SEK2.2 billion under its
ongoing cost-cutting program in the period. It aims for annual savings of SEK15 billion-SEK16 billion by the second quarter.
First-quarter sales fell 9% to SEK45.11 billion, missing expectations for SEK47.851 billion. Operating profit increased to SEK1.98 billion from SEK1.78 billion, but fell short of expectations for SEK2.89 billion.
Rival Nokia Siemens Networks, a joint venture of Nokia Corp. (NOK) and Siemens AG (SI), Thursday posted a narrower first quarter loss as cost cuts compensated for lower sales, and said it expects its markets to remain flat in 2010 from the previous year.
"While the global mobile infrastructure market declined by more than 10% in
2009...we believe that the fundamentals for longer-term positive developments for the industry remain solid," Ericsson said Friday.
Ericsson's share in earnings from joint ventures improved to a SEK372 million loss from a SEK2.24 billion loss, helped in particular by stronger sales and margins at Sony Ericsson, the mobile phone joint venture between Ericsson and Japan's Sony Corp. (SNE).
Ericsson's underlying profitability, adjusted for the restructuring costs,
looked relatively good in the quarter due to the improved networks margins
although sales were rather weak, said HQ Bank analyst David Hallden. .
