Zacks: Brokerages Expect Ericsson (ERIC) Will Post Quarterly Sales of $5.60 Billion
Wall Street analysts expect Ericsson (NASDAQ:ERIC) to announce $5.60 billion in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Ericsson’s earnings. The lowest sales estimate is $5.37 billion and the highest is $5.79 billion. Ericsson reported sales of $5.99 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 6.5%. The business is expected to announce 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 financial year, with estimates ranging from $24.05 billion to $24.37 billion. For the next fiscal year, analysts expect that the company will report sales of $23.75 billion per share, with estimates ranging from $23.27 billion to $24.42 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Ericsson.
Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.03. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The company’s quarterly revenue was down 7.8% on a year-over-year basis.
ERIC has been the subject of a number of analyst reports. Citigroup Inc. initiated coverage on shares of Ericsson in a research report on Thursday, June 8th. They issued a “buy” rating for the company. Bank of America Corporation reiterated a “buy” rating on shares of Ericsson in a research report on Friday, June 2nd. BidaskClub downgraded shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Societe Generale initiated coverage on shares of Ericsson in a research report on Wednesday, June 14th. They issued a “hold” rating for the company. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $6.00 price target on shares of Ericsson in a research report on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Ericsson has a consensus rating of “Hold” and a consensus target price of $5.95.
Several hedge funds have recently modified their holdings of ERIC. 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 in the last quarter. Aperio Group LLC boosted its stake in shares of Ericsson by 5.9% in the second quarter. Aperio Group LLC now owns 1,142,005 shares of the communications equipment provider’s stock valued at $8,188,000 after buying an additional 63,960 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Ericsson during the first quarter valued at $247,000. Mackenzie Financial Corp acquired a new stake in shares of Ericsson during the first quarter valued at $109,000. Finally, Greenleaf Trust boosted its stake in shares of Ericsson by 2.6% in the second quarter. Greenleaf Trust now owns 31,146 shares of the communications equipment provider’s stock valued at $223,000 after buying an additional 797 shares in the last quarter. 8.04% of the stock is currently owned by institutional investors.
Ericsson (NASDAQ:ERIC) opened at 6.005 on Friday. Ericsson has a one year low of $4.83 and a one year high of $7.55.
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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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