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Ericsson reports third quarter results
Posted: 20-Oct-2008 [Source: Ericsson]

[Ericsson reports 13% growth in sales for the third quarter of 2008 with strong development in all regions except Western Europe.]

*Sales SEK 49.2 (43.5) b., 13% growth, SEK 141.9 (133.3) b. first nine months

*Operating income SEK 5.7 (5.6) b., excl. restructuring charges of SEK 2.0 b 1)., SEK 14.72) (23.0) b. first nine months, excl. restructuring charges of SEK 4.6 b. 1)

*Operating margin 11.5% (12.9%), excl. restructuring charges, 10.3% 2) (17.3%) first nine months, excl. restructuring charges

*Cash flow SEK 3.8 (-1.6) b., SEK 17.0 (7.2) b. first nine months

*Net income 3) SEK 2.8 (4.0) b., SEK 7.4 2) (16.2) b. first nine months

*Earnings per share 3) SEK 0.89 (1.25) 4), SEK 2.32 2) (5.10) 4) first nine months

1) The restructuring charges include SEK 0.2 b in Sony Ericsson

2) Includes a capital gain of SEK 0.2 b. from divested enterprise PBX operations in Q208

3) Attributable to stockholders of the Parent Company, excluding minority interests

4) A reverse split 1:5 was made in June 2008. Comparable figures restated accordingly

CEO COMMENTS

"During the quarter, sales grew by 13% with strong development in all regions except Western Europe," said Carl-Henric Svanberg, President and CEO of Ericsson. "Gross margin increased year-over-year and was stable sequentially. We are seeing initial positive effects from our ongoing cost adjustments. Our financial position is strong with healthy net cash and high payment readiness.

Our business in the quarter has not been impacted by the financial turmoil. Our customers are generally financially strong. In addition, networks are loaded and traffic shows strong increase. In the present financial turmoil, it is however hard to predict how operators will act and to what extent consumer telecom spending will be affected.

In this environment, we continue to adjust our cost base. Our cost adjustment program is running according to plan. The charges we announced earlier have now been exceeded. However, given the present market conditions, we will continue with cost adjustment activities in the fourth quarter, although at a slightly lower pace.

We have a positive longer-term view for our industry, however, as we look into 2009, we continue to plan for a flattish market, and we have measures in place also for tougher conditions," said Carl-Henric Svanberg.

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