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Ericsson Reports Second Quarter 2014

STOCKHOLM, Sweden, July 18, 2014 (GLOBE NEWSWIRE) -- SECOND QUARTER HIGHLIGHTS
  • Sales in the quarter were SEK 54.8 (55.3) b. Sales for comparable units, adjusted for currency, decreased -1% YoY and increased 13% QoQ
  • Sales recovered compared to the previous quarter driven by growth in the Middle East, China and India, as well as continued capacity business in North America
  • Gross margin increased YoY to 36.4% (32.4%), driven by strong development in capacity business, increased IPR revenues and lower restructuring charges
  • With current visibility, key contracts awarded will gradually impact sales and business mix, in the second half of the year
  • Operating margin improved YoY to 7.3% (4.5%), mainly driven by stronger performance in segment Networks
  • Operating income amounted to SEK 4.0 (2.5) b.
  • Cash flow from operating activities was SEK 2.1 (4.3) b. 
SEK b. Q22014 Q22013  YoYchange Q12014 QoQchange Six months2014 Six months2013
Net sales 54.8 55.3 -1% 47.5 15% 102.4 107.4
Sales growth adj. for comparable units and currency - - -1% - 13% -4% 7%
Gross margin 36.4% 32.4% - 36.5% - 36.4% 32.2%
Operating income 4.0 2.5 62% 2.6 52% 6.6 4.6
Operating margin 7.3% 4.5% - 5.5% - 6.5% 4.3%
Net income 2.7 1.5 76% 1.7 57% 4.4 2.7
EPS diluted, SEK 0.79 0.45 76% 0.65 22% 1.44 0.82
EPS (Non-IFRS), SEK 1) 1.07 0.88 22% 0.90 19% 1.98 1.88
Cash flow from operating activities 2.1 4.3 -52% 9.4 -78% 11.5 1.3
Net cash, end of period 32.5 27.4 18% 43.6 -26% 32.5 27.4
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, recovered compared to the previous quarter and were down by -1% year-over-year. Operating margin improved year-over-year, mainly driven by stronger performance in segment Networks.

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