Ericsson (NASDAQ:ERIC) Expected to Post Quarterly Sales of $5.76 Billion
Equities research analysts expect Ericsson (NASDAQ:ERIC) to post sales of $5.76 billion for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Ericsson’s earnings, with the lowest sales estimate coming in at $5.63 billion and the highest estimate coming in at $5.92 billion. Ericsson posted sales of $6.59 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 12.6%. The business is expected to report its next quarterly earnings report before the market opens on Tuesday, July 18th.
According to Zacks, analysts expect that Ericsson will report full year sales of $5.76 billion for the current year, with estimates ranging from $23.48 billion to $24.78 billion. For the next fiscal year, analysts expect that the company will report sales of $24.06 billion per share, with estimates ranging from $23.25 billion to $24.57 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Ericsson.
Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, April 25th. The communications equipment provider reported ($0.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.30. Ericsson had a negative return on equity of 1.32% and a negative net margin of 4.93%. The company had revenue of $46.40 billion for the quarter, compared to analyst estimates of $47.36 billion. During the same period in the previous year, the firm earned $0.87 earnings per share. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year.
ERIC has been the topic of a number of analyst reports. Credit Suisse Group raised Ericsson from an “underperform” rating to a “neutral” rating in a research report on Wednesday, April 12th. Zacks Investment Research lowered Ericsson from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Ericsson in a research report on Friday, March 17th. Sanford C. Bernstein raised Ericsson from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 29th. Finally, Citigroup Inc. initiated coverage on Ericsson in a research report on Thursday, June 8th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $6.20.
Ericsson (ERIC) traded up 1.54% on Friday, reaching $7.23. The company had a trading volume of 1,667,436 shares. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.89.
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Institutional investors have recently modified their holdings of the company. Dodge & Cox acquired a new position in shares of Ericsson during the fourth quarter valued at about $11,480,000. Russell Investments Group Ltd. purchased a new stake in shares of Ericsson during the fourth quarter valued at approximately $1,692,000. Koch Industries Inc. purchased a new stake in shares of Ericsson during the first quarter valued at approximately $247,000. Credit Suisse AG boosted its stake in shares of Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares during the last quarter. Finally, Comerica Bank boosted its stake in shares of Ericsson by 8.4% in the fourth quarter. Comerica Bank now owns 183,748 shares of the communications equipment provider’s stock valued at $1,088,000 after buying an additional 14,176 shares during the last quarter. Institutional investors and hedge funds own 8.08% of the company’s stock.
Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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