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LM Ericsson Telephone Company

5/23/2013, 5:25 AM ET

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Friday, May 3, 11:42 AM Ericsson (ERIC +1.1%) has sold its power cable unit, which had 2012 sales of SEK1.5B ($231M), to Demark's NKT Cables for SEK250M ($38.5M). Also, the mobile infrastructure giant says it expects tough price competition in China as 4G buildouts get underway. China's 3 carriers plan to spend $56B this year on capex, and China Mobile (CHL - the world's biggest carrier) plans to increase capex by 49% to ~$31B. $6.75B of that will be used to set up 200K base stations for CHL's nascent 4G TD-LTE network - Alcatel-Lucent (ALU) should get a portion of it. Comment! [Tech, M&A]
Wednesday, April 24, 11:59 AM Even as many telecom equipment makers slump due to AT&T's capex cuts, Ericsson (ERIC +4.1%) is up after beating Q1 EPS estimates and providing upbeat commentary. Sales only rose 2% Y/Y - hardware +3%, global services +4%, support solutions (a relatively small business) -19% - and gross margin fell 130 bps Y/Y to 32%, something Ericsson attributes to projects that are initially low-margin. But in remarks that have to please those who see Ericsson as a mobile data traffic play, the company says it will see a higher mix of "capacity projects" in 2H. Rivals Alcatel-Lucent (ALU +2.3%) and Nokia (NOK +1.4%) are also higher, though a rally in European equities could be playing a role. (PR/slides) Comment! [Tech, Earnings, On the Move]
Wednesday, April 24, 5:41 AM LM Ericsson (ERIC): Q1 EPS of SEK0.99 beats by SEK0.06. Revenue of SEK52B (+2% Y/Y). (PR) Comment! [Earnings, Breaking News, Tech]
Wednesday, April 24, 12:05 AM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 5:30 PM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 11:30 AM Ericsson (ERIC -0.2%) is missing out on today's tech rally after receiving a downgrade to Hold from Danske a day before its Q1 report. SocGen cut the mobile infrastructure giant to Sell yesterday. Over the last month, shares have given back some of the late 2012/early 2013 gains they saw on optimism about rising mobile capex (fueled by growing data traffic and 4G investments). Comment! [Tech]
Monday, April 8, 1:57 PM The price tag for Ericsson's (ERIC +1.1%) purchase of Microsoft's (MSFT -0.6%) Mediaroom IPTV unit is in between the $99M Ericsson paid for network management software firm Optimi and the $234M it paid for a majority stake in the LG Nortel JV, says a company exec. Analyst Alexander Peterc points out Mediaroom complements the video assets Ericsson acquired from Tandberg. Meanwhile, chairman Leaf Johansson is striking a positive tone about 2013 mobile infrastructure demand. "I am a little more optimistic on the U.S ... Perhaps Europe too has stabilized." Comment! [Tech, M&A]
Monday, April 8, 9:44 AM Microsoft (MSFT) unloads its Mediaroom IPTV infrastructure platform business to Ericsson (ERIC) for an undisclosed sum; Bloomberg reported about this deal a couple weeks ago. Ericsson claims the deal will give it a 25%+ share of the IPTV/multi-screen infrastructure market, and points out the global IPTV subscriber base is expected to grow to 105M in 2015 from 76M in 2013. In a blog post, Microsoft says it will now dedicate all its TV resources to the Xbox. The remarks come as The Verge reports the next-gen Xbox will be revealed at a May 21 event. Comment! [Tech, M&A]
Wednesday, April 3, 9:59 AM Though Cisco (CSCO) insists it has no intention of entering the traditional base station market (citing commoditization), its acquisition of small cell base station vendor Ubiquisys makes it more of a mobile infrastructure rival to Alcatel-Lucent (ALU) and Ericsson (ERIC) than ever. The combination of Ubiquisys' 3G/4G small cell solutions and Cisco's Wi-Fi hardware should eventually give it an end-to-end offering to take on market leader ALU's lightRadio line. Cisco is also pushing its new Quantum software suite (the result of the BroadHop/Cariden/Intucell deals) to mobile carriers. 2 Comments [Tech, M&A]
Tuesday, April 2, 10:39 AM Ericsson (ERIC -1.3%) trades lower on an up day after RBC cuts shares to Sector Perform. The firm's PT is $14, soundly above the mobile infrastructure leader's current trading price of $12.35. Shares are +22% YTD. Comment! [Tech]
Wednesday, March 27, 11:48 AM Microsoft (MSFT +0.8%) is in talks to sell its Mediaroom IPTV software platform to Ericsson (ERIC -0.4%) and could announce a deal in a few weeks, Bloomberg reports. Microsoft bet big on IPTV during the last decade and managed to score high-profile clients such as AT&T (U-Verse), Deutsche Telekom, and Telus, but the technology didn't quite take the pay-TV industry by storm, as Microsoft envisioned. Mediroom would complement Ericsson's switch/router and optical networking offerings for wireline carriers. Comment! [Tech]
Wednesday, March 27, 5:30 AM Ericsson (ERIC) has cut 1,399 positions in Sweden as part of its restructuring, fewer than the 1,550 jobs that the network-equipment vendor originally planned to axe. Ericsson will take a charge of 1.5B kroner ($230M) on its Q1 results because of the losses. Meanwhile, the company is reportedly in talks to acquire Microsoft's (MSFT) MediaRoom IPTV business, which allows telecom companies to provide television via the Internet. (PR) Comment! [Tech, Consumer]
Tuesday, March 26, 12:34 PM Already in a patent spat with Samsung, Ericsson (ERIC) is suing Indian mobile phone OEM Micromax (the world's #12 manufacturer) for infringing its giant standards-essential patent portfolio. Micromax says it's willing to license Ericsson's patents on FRAND terms; Ericsson appears to feel differently. Ericsson had 2012 patent-related revenue of SEK6.6B ($1B), up from 2011's SEK6.2B and 2010's SEK4.6B. Comment! [Tech]
Monday, March 18, 4:13 AM As expected, STMicroelectronics (STM) and Ericsson (ERIC) plan to close ST-Ericsson after failing to find a buyer for the loss-making mobile-chip joint venture. Ericsson will retain 1,800 workers and a suite of thin 4G mobile chips, while STMicro will keep 950 employees and other products. The rest of the staff will lose their jobs. The shutdown will cost STMicro $350-450M, less than a prior forecast of $500M. Ericsson had already made a provision of 3.3B Swedish kroners ($515.7M) in 2012. (PR) Comment! [Top Stories, Tech]
Sunday, March 17, 5:34 AM ST-Ericsson will reportedly provide a strategy update to worker representatives tomorrow after owners Ericsson (ERIC) and STMicroelectronics (STM) failed to find a buyer for the loss-making mobile-chip JV. Ericsson and STM are considering winding down the company and reintegrating staff back into their respective operations, which might save jobs but could weigh on earnings. 2 Comments [Tech]
Thursday, March 14, 10:05 AM Telecom equipment and component makers trade higher after China Mobile (the world's largest carrier) forecasts a 49% Y/Y increase in capex in 2013 to a hefty RMB190.2B ($30.6B). Vodafone and France Telecom's plans to build a fiber network in recession-hit Spain might not be hurting either. FNSR +6.6%. ALU +2.9%. JNPR +2%. OCLR +4.8%. CIEN +1.5%. JDSU +1.5%. ALLT +3.3%. ERIC +1.2%. 1 Comment [Tech, On the Move]

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