Nokia Posts 4Q Net Profit Beat, Reinstates Shareholder Returns
February 03 2022 - 2:16AM
Dow Jones News
By Dominic Chopping
Nokia Corp. on Thursday posted a forecast-beating fourth-quarter
net profit, and said its balance sheet has strengthened to the
point that it can reinstate shareholder distributions through both
a dividend and share-buyback program.
The company's comparable net profit for the quarter fell to 727
million euros ($821.1 million) from EUR787 million a year earlier.
Sales came in at EUR6.41 billion, it said.
Analysts polled by FactSet had expected comparable net profit of
EUR636 million, on sales of EUR6.51 billion.
On a reported basis, Nokia swung to a net profit of EUR676
million from a net loss of EUR2.69 billion a year earlier, it
said.
"Nokia enters 2022 in a strong position with improved margins,
faster-than-expected strategy execution and a high order backlog,
although the global supply-chain situation remains tight," Chief
Executive Pekka Lundmark said.
"We see opportunities in the 5G roll out and growing enterprise
market," Mr. Lundmark added.
Nokia backed 2022 guidance, anticipating an adjusted operating
margin of 11% to 13.5%, adding that it expects another year of
sales growth.
The company's long-term target is to grow faster than the market
and to achieve a comparable operating margin of at least 14%.
Nokia proposed a EUR0.08 dividend and a share buyback of up to
EUR600 million.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 03, 2022 02:01 ET (07:01 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Nokia (NYSE:NOK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Nokia (NYSE:NOK)
Historical Stock Chart
From Sep 2023 to Sep 2024