Nokia sees third quarter profit rise, maintains 2024 outlook

Finnish telecommunications giant Nokia on Thursday reported a rise in third-quarter profit attributable to equity holders, reaching €169 million ($183 million), or €0.03 per share.

This marked an increase from €139 million, or €0.02 per share, in the same quarter last year.

The company also saw its comparable profit from continuing operations increase to €358 million, compared to €293 million in the previous year.

The company's comparable operating profit outlook for the fiscal year 2024 remains between €2.3 billion and €2.9 billion.

The net sales recovery is progressing slower than the company expected previously, however, this is being partially offset by an improving gross margin and quick action on cost.

Nokia also expects to be at the high end of its free cash flow target of 30% to 60% conversion from comparable operating profit in 2024.

Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.

The company said it will distribute a dividend of €0.03 per share. The dividend record date is October 22 and the dividend will be paid on October 31, it said.

Comparable earnings per share for the third quarter were €0.06 up from €0.05 in the prior year. Net sales for the third-quarter decreased to €4.33 billion from €4.71 billion in the prior year.