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Mobile phone equipment maker Nokia updated its guidance for the third quarter 2005. Nokia net sales are now expected to be in the range of 8.4 billion euros - 8.5 billion euros (approx. U.S. $10.3 billion - $10.4 billion) compared to the previous guidance of 7.9 billion euros - 8.2 billion euros (approx. $9.7 billion - $10.1 billion).
Nokia says the increased guidance is due to stronger than expected mobile device volumes and relatively firm prices during the quarter. The company says that it also expects its mobile device volumes to grow somewhat faster than the overall market during the quarter.
According to the company, stronger than expected sales during the first 2 months of the quarter, good cost control and one time positive items result in it forecasting third quarter diluted EPS of 0.18 euro - 0.19 euro (approx. $0.22 - $0.23), exceeding its previous guidance for EPS of 0.14 euro - 0.17 euro (approx. $0.17 - $0.21) for the quarter.
The revised EPS guidance now also includes the positive impact of one-time items related to divestments that are expected to be completed in the third quarter. The positive impact of these items to the EPS is estimated to be one euro cent or slightly higher.
Nokia says the mobile device market has continued to be strong and its delivery volumes of mobile devices in the third quarter are anticipated to exceed its earlier expectations. In addition, due to geographical sales mix and relatively firm pricing, the average sales prices during the quarter are expected to decline less than initially anticipated.
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