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Ericsson Reports Second Quarter Results 2020

Angeschlossene Netzkabel (Symbolbild). © kynny/ iStock / Getty Images Plus/ Getty Images http://www.gettyimages.de

PR Newswire

STOCKHOLM, July 17, 2020

STOCKHOLM, July 17, 2020 /PRNewswire/ --

Second quarter highlights

Sales were SEK 55.6 (54.8) b. Sales adjusted for comparable units and currency were flat YoY.
Gross margin excluding restructuring charges improved to 38.2% (36.7%), including the earlier communicated inventory write-down related to Mainland China (SEK -0.9 b., which equals to -1.6 percentage points).
Operating income excluding restructuring charges improved to SEK 4.5 b. (8.2% operating margin) from SEK 3.9 b. (7.0% operating margin) driven by improvements in segment Digital Services.
Networks sales[1] increased by 4% YoY. Networks operating margin excluding restructuring charges was 14.1% (15.0%) impacted by strategic contracts and the inventory write-down, partly compensated by operational leverage and a favorable business mix.
Digital Services operating income excluding restructuring charges was SEK -0.7 (-1.3) b. Gross margin improved driven mainly by higher software sales while sales¹ declined by -5%.
Net income was SEK 2.6 (1.8) b.
Free cash flow before M&A was SEK 3.2 (1.6) b. Net cash June 30, 2020, was SEK 37.5 (33.8) b.
The Covid-19 pandemic had a limited impact on operating income and cash flow in the quarter.

¹ Adjusted for comparable units and currency.

Planning assumptions highlights (please see the quarterly report for complete planning assumptions)

With current visibility Group financial targets for 2020 and 2022 are maintained.
R&D investments in Digital Services are accelerated to capture additional business opportunities. In combination with lower sales, this will likely cause a delay of some quarters in reaching the 2020 financial target. 2022 operating margin target of 10-12% remains firm.

SEK b.

ARIVA.DE Börsen-Geflüster

Kurse

Ericsson A

4,975 €

0,00%

Ericsson B

4,985 €

+0,34%

Ericsson B ADR

4,90 €

+2,51%

Q2
2020

Q2
2019

YoY
change

Q1
2020

QoQ
change

Jan-Jun
2020

Jan-Jun
2019

YoY
change

Net sales

55.6

54.8

49.8

12%

105.3

103.7

Sales growth adj. for comparable units and currency

Gross margin

37.6%

36.6%

39.8%

38.6%

37.5%

-1%

Operating income

Operating margin

3.9

6.9%

3.7

6.8%

4.3

8.7%

-11%

8.2

7.7%

8.6

8.3%

-6%

Net income

2.6

1.8

40%

2.3

13%

4.9

4.3

14%

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