It looks like the Network division killed the quarter....
biz.yahoo.com
Nokia Provides Mid-Quarter Update: EPS within Guidance in the First Quarter
Tuesday March 11, 5:32 am ET
HELSINKI, Finland--(BUSINESS WIRE)--March 11, 2003--Based on developments in the first two months of 2003, first-quarter pro forma EPS (diluted) for the Nokia group is expected to be between EUR 0.15 and 0.17, within earlier stated guidance.
This reflects the strength of Nokia's new mobile phone product offering and the company's overall operational efficiency, offset by a weaker-than-expected performance by Nokia Networks.
In mobile phones, first-quarter sales are estimated to be at the low end of the guided range of flat to 9% year-on-year growth, with strong profitability at Nokia Mobile Phones continuing. Overall mobile phone market volumes in the first quarter are expected to show healthy year-on-year growth for the fourth consecutive quarter, with Nokia showing faster-than-market growth.
Sales at Nokia Networks for the first quarter are expected to decline by 15% to 20% year on year, as operators in all major regions continue to decrease the level of their investments. As a result, first-quarter sales for the Nokia group are expected to be slightly down year on year. Nokia Networks will post a substantial pro forma operating loss for the first quarter, impacted by lower-than-expected sales volumes as well as costs related to the first-phase implementation of 3G technologies.
Nokia Networks reported operating result is expected to be positively impacted in the first quarter by an increase of approximately EUR 220 million in the valuation of the former MobilCom receivables, which were converted into new instruments, as of March 3, 2003, in an agreement with France Telecom. This will have a positive impact on Nokia's reported EPS in the first quarter. |
