Nokia Q3 Profit Surges, But Revenue Declines; Adjusts FY Outlook - Quick Facts

(RTTNews) - Nokia Corp. (NOK) on Thursday reported that its profit for the third quarter surged to 203 million euros or 0.04 euros per share from 87 million euros or 0.01 euros per share in the previous-year quarter.

However, non-IFRS earnings for the quarter were flat with the year-ago period at 0.05 euros per share.

Net sales for the quarter declined 7 percent to 5.29 billion euros from 5.69 billion euros in the prior year, largely driven by lower services within Mobile Access, consistent with the company's expectation for lower network deployment services.

Looking ahead to fiscal 2020, Nokia now expects non-IFRS earnings per share to be 0.23 euros plus or minus 3 cents, compared to the prior outlook for earnings per share of 0.25 euros plus or minus 5 cents.

The company projects fiscal 2020 non-IFRS operating margin of 9.0 percent plus or minus 1.0 percentage points, adjusted from the prior outlook of 9.5 percent plus or minus 1.5 percentage points earlier.

The company also provided new outlook for fiscal 2021 non-IFRS operating margin of 7 percent to 10 percent.

Nokia added that it will provide a long-term outlook at the Capital Markets Day on March 18, 2021.

For the long-term period, Nokia expects an earnings-based growing dividend of about 40 percent to 70 percent of non-IFRS earnings per share, taking into account the company's cash position and expected cash flow generation.