Full Year 2024 Nokia Oyj Earnings Call Transcript
Key Points
- Nokia Oyj (NOK) reported a strong fourth quarter with a 9% growth in net sales.
- Network Infrastructure grew by 17% in Q4, with IP Networks being a standout performer with 24% growth.
- The company achieved a comparable gross margin of 47.2% and an operating margin of 19.1%, the highest since 2015.
- Nokia Technologies saw an impressive 85% growth in net sales in Q4 due to new deals and catch-up payments.
- The company generated a strong free cash flow of EUR 2 billion, ending the year with a net cash balance of EUR 4.9 billion.
- Mobile Networks experienced a 2% decline in net sales during the quarter.
- Gross margin for Mobile Networks declined slightly by 20 basis points to 38.1%.
- The company faces a 4 percentage point headwind in Mobile Networks from a customer decision made in 2023.
- Enterprise sales declined by 4% in constant currency, partly due to lumpiness in Webscale deals.
- The competitive environment remains challenging in Latin America, impacting market stability.
Good morning, ladies and gentlemen. Welcome to Nokia's fourth quarter 2024 results call. I'm David Mulholland, Head of Nokia Investor Relations. And today with me is Pekka Lundmark, our President and CEO along with Marco Wiren, our CFO.
Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business, proposed transactions and financial performance, and these statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. Factors that could cause such differences can be both external as well as internal operating factors. We have identified such risks in the Risk Factors section of our Annual Report on Form 20-F, which is available on our Investor Relations website.
Within today's presentation, references to growth rates will mostly be on a constant currency basis and in relation to margins will be based on our comparable reporting. Please note that our Q4 report and the
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