Ericsson (ERIC) Expected to Announce Quarterly Sales of $5.60 Billion
Brokerages forecast that Ericsson (NASDAQ:ERIC) will report $5.60 billion in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Ericsson’s earnings, with estimates ranging from $5.37 billion to $5.79 billion. Ericsson reported sales of $5.99 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 6.5%. The business is scheduled to report its next earnings report on Friday, October 20th.
On average, analysts expect that Ericsson will report full year sales of $5.60 billion for the current year, with estimates ranging from $24.05 billion to $24.37 billion. For the next year, analysts anticipate that the company will post sales of $23.75 billion per share, with estimates ranging from $23.27 billion to $24.42 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Ericsson.
Ericsson (NASDAQ:ERIC) last posted its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The firm had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period last year, the company posted $0.83 EPS.
ERIC has been the topic of a number of research reports. Zacks Investment Research raised Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. Cowen and Company reaffirmed a “market perform” rating and set a $3.00 target price (down from $4.00) on shares of Ericsson in a research report on Saturday, April 29th. BidaskClub raised Ericsson from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 14th. Canaccord Genuity reaffirmed a “hold” rating and set a $6.00 target price on shares of Ericsson in a research report on Tuesday, July 18th. Finally, Bank of America Corporation reaffirmed a “buy” rating on shares of Ericsson in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $5.95.
Shares of Ericsson (NASDAQ ERIC) opened at 6.005 on Friday. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.55.
Hedge funds and other institutional investors have recently modified their holdings of the stock. OLD Mission Capital LLC acquired a new position in shares of Ericsson during the second quarter worth $6,213,000. The Manufacturers Life Insurance Company increased its position in shares of Ericsson by 15.1% in the second quarter. The Manufacturers Life Insurance Company now owns 43,775 shares of the communications equipment provider’s stock worth $314,000 after buying an additional 5,746 shares in the last quarter. Ulysses Management LLC acquired a new position in shares of Ericsson during the second quarter worth $7,170,000. First Allied Advisory Services Inc. increased its position in shares of Ericsson by 14.1% in the second quarter. First Allied Advisory Services Inc. now owns 24,841 shares of the communications equipment provider’s stock worth $176,000 after buying an additional 3,064 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Ericsson by 3.6% in the second quarter. Stifel Financial Corp now owns 121,061 shares of the communications equipment provider’s stock worth $875,000 after buying an additional 4,152 shares in the last quarter. Institutional investors and hedge funds own 8.04% of the company’s stock.
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Ericsson Company Profile
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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