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STOCKHOLM, April 14, 2022 /PRNewswire/ — First quarter highlights
- Group organic sales grew by 3% YoY driven by Networks in North America and in Europe and Latin America. Reported sales were SEK 55.1 (49.8)b.
- Reported gross margin was 42.3% (42.8%) impacted by proactive investments in supply chain resilience in Networks. Rolling four quarter gross margin was 43.2%.
- Due to the indefinite suspension of affected business in Russiaa provision for impairment of assets and other extraordinary costs of SEK -0.9b. was booked in the quarter as other operating expenses in segment Networks. Around one third of this amount will impact cash flow.
- EBIT amounted to SEK 5.9b. with an EBIT margin of 10.7% when excluding the provision and a revaluation of Ericsson Ventures investments of SEK -0.3b. Reported EBIT was SEK 4.7 (5.3) b.
- EBITA amounted to SEK 6.1b. with an EBITA margin of 11.0% when excluding the provision and the revaluation of Ericsson Ventures investments. Reported EBITA was SEK 4.9 (5.5)b.
- Networks EBIT margin was 18.7% when excluding the provision related to Russia. In addition, EBIT was negatively impacted by timing of software sales in a large contract as well as by increased R&D. Reported EBIT margin was 16.6% (20.0%).
- Organic sales in Emerging Business and Other grew by 15% YoY driven by Cradlepoint.
- Reported net income was SEK 2.9 (3.2) b.
- Free cash flow before M&A was SEK-1.7 (1.6)b. impacted primarily by proactive inventory build-up for supply chain resilience. Net cash on March 31, 2022was SEK 65.2b. compared with SEK 43.0b.on March 31, 2021.
|
SEK b. |
Q1 |
Q1 |
YoY |
Q4 |
QoQ
|
|
Net sales |
55.1 |
49.8 |
11% |
71.3 |
-twenty three%
|
|
Sales growth adj. for comparable units and currency[1] |
– |
– |
3% |
– |
–
|
|
Gross margin[1] |
42.3% |
42.8% |
– |
43.2% |
–
|
|
EBIT |
4.7 |
5.3 |
-10% |
11.9 |
-60%
|
|
EBIT margin[1] |
8.6% |
10.6% |
– |
16.6% |
–
|
|
net income |
2.9 |
3.2 |
-8% |
10.1 |
-71%
|
Full story available on Benzinga.com
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