Nokia reiterates FY guidance; reports strong Q3 network infrastructure & cloud and network services

Oct. 28, 2021 11:12 AM ETNokia Oyj (NOK)By: Manshi Mamtora, CFA31 Comments

Blue Nokia logo on white board

Risto0/iStock Editorial via Getty Images

  • Nokia (NOK +1.6%) beat Q3 revenue of €5.4B (+2.1% Y/Y) beats consensus by €10M.
  • Strong sales growth in Network Infrastructure +6% Y/Y and Cloud & Network Services +12% Y/Y.
  • Comparable gross margin of 40.8% (reported 40.7%), reflecting continued strong execution across the business.
  • Strong growth in North America (+9% constant currency) despite headwinds
  • Comparable gross margin expanded +340bps due to efficiency and improved cost competitiveness
  • Operating margin of 11.7% (+250 bps Y/Y).
  • Strong free cash flow generation of €0.7B.
  • Company's gross margin is at ~40.3% vs. 34.8% last year.

  • Non-GAAP EPS of €0.08 beats by €0.01; GAAP EPS of €0.06.
  • FY Guidance: Net sales €21.7B-22.7B; Comparable operating margin 10 to 12%; Free cash flow- clearly positive; Comparable ROIC 17 to 21%.
  • FY 2023: Net sales- grow faster than the market; Comparable operating margin 10 to 13%; Free cash flow- clearly positive; Comparable ROIC 15 to 20%.
  • 2021 Outlook: Mobile Networks +5%; Network Infrastructure +5%; Cloud and Network Services +4%; Total addressable market +5%
  • Dive deep in company presentation:

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.