Nokia Corp. Friday said the Covid-19 pandemic hit sales by 300 million euros ($353.7 million) in the second quarter but lifted full-year guidance as profitability and cash generation strengthened.
The hit to sales was mainly due to delivery and implementation challenges, and these sales are expected to be booked later in the year rather than being lost altogether, the Finnish giant said.
The company's adjusted net profit for the quarter rose to EUR311 million from EUR258 million a year earlier, as sales fell 11% to EUR5.09 billion. Analysts polled by FactSet had expected a net profit of EUR138 million on sales of EUR5.24 billion.
On a nonadjusted basis, Nokia swung to a net profit of EUR94 million against an expected loss of EUR83 million.
Nokia's key networks unit saw a 10% fall in sales as coronavirus disruption hit sales in the unit by EUR150 million, but profitability rose amid stronger margins from a favorable product mix, an increase in sales to North America and a lower proportion of sales in China.
The company now expects 2020 adjusted earnings per share of EUR0.25 plus or minus 5 cents, and an adjusted operating margin of 9.5% plus or minus 1.5 percentage points, from EUR0.23 and 9.0% respectively.
Write to Dominic Chopping at dominic.chopping@wsj.com
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July 31, 2020 at 01:00PM
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Nokia lifts view after forecast-beating results - MarketWatch
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