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Ericsson Reports First Quarter 2014

STOCKHOLM, Sweden, April 23, 2014 (GLOBE NEWSWIRE) -- FIRST QUARTER HIGHLIGHTS
  • Sales in the quarter were SEK 47.5 (52.0) b. Sales for comparable units, adjusted for currency, decreased -7% YoY and -28% QoQ
  • Sales declined YoY, primarily in North America and Japan but partly offset by China, Middle East and Latin America
  • Business mix in the quarter was mainly driven by mobile broadband capacity projects. With current visibility, key contracts awarded will gradually impact sales and business mix, mainly in the second half of the year.
  • Operating margin improved YoY in all segments to 5.5% (4.0%) mainly driven by mobile broadband capacity sales and lower restructuring charges
  • Operating income amounted to SEK 2.6 (2.1) b.
  • Cash flow from operating activities was SEK 9.4 b. driven by the payment from Samsung related to the new license agreement as well as reduced trade receivables.
SEK b. Q12014 Q12013  YoYchange Q42013 QoQchange
Net sales 47.5 52.0 -9% 67.0 -29%
Sales growth adj. for comparable units and currency - - -7% - -28%
Gross margin 36.5% 32.0% - 37.1% -
Operating income 2.6 2.1 25% 9.1 -71%
Operating margin 5.5% 4.0% - 13.5% -
Net income 1.7 1.2 41% 6.4 -74%
EPS diluted, SEK 0.65 0.37 76% 1.97 -67%
EPS (Non-IFRS), SEK 1) 0.90 0.99 -9% 2.42 -63%
Cash flow from operating activities 9.4 -3.0 - 14.6 -36%
Net cash, end of period 43.6 32.2 35% 37.8 15%
1) EPS, diluted, excl. amortizations and write-downs of acquired intangible assets, and restructuring

Comments from Hans Vestberg, President and CEO of Ericsson (NASDAQ:ERIC)

Sales for comparable units, adjusted for currency, declined by -7% year-over-year, with continued negative impact from North America and Japan. All segments showed margin improvements.

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