Nokia Corporation (NYSE: NOK) released today its financial statements for Q4 and full-year 2021. The results highlighted an annual net sales of €22.20 billion, marginally up from 2020’s net sales of €21.85 billion.
“2021 was a strong year for Nokia driven by our growing technology leadership, robust demand, and a faster than expected reset of our business,” said CEO Pekka Lundmark.
For Q4, the firm saw a marginal decline in net sales from the year-ago period: ending the quarter with €6.41 billion in net sales compared to Q4 2020’s net sales of €6.55 billion. This is being attributed to the 13% decline in mobile networks sales, partially offset by a 14% increase in network infrastructure sales.
Gross margin for 2021 came in at 39.8%, up from last year’s 37.5%. The company was able to notch €2.16 billion in operating profit for the year, also up from the previous year’s €885 million.
The company ended the year with €1.65 billion net profit, a huge jump from a net loss of €2.52 billion last year. This translates to €0.29 earnings per share.
For 2021, a total of €2.63 billion net cash from operating activities and €2.37 billion free cash flow were generated.
The firm also ended the year with €6.69 billion in cash and cash equivalents, putting its current assets balance at €19.60 billion. Current liabilities ended at €12.10 billion.
For 2022, Nokia is estimating its net sales to be at €22.6 – €23.8 billion while generating free cash flow around 25 – 55% from comparable operating profit. The tech company also shared its plans to conduct a share buyback program amounting to €600 million over two years.
Nokia last traded at US$5.97 on the NYSE.
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