Connect with us

Technology

Ericsson reports third quarter results 2024

Published

on

STOCKHOLM, Oct. 15, 2024 /PRNewswire/ —

Strategic highlights – solid progress on both strategic and operational priorities 

Increased momentum in programmable networks, mobile network contract wins in multiple markets.  Global supply of Network APIs secured with JV agreed between leading mobile network operators and Ericsson.  Further 5G patent licensing agreement signed in Q3, IPR revenues expected to reach at least SEK 13 b. in 2024.  

Financial highlights – strong growth in North America and continued gross margin expansion             

Sales declined by -1%* YoY, with strong growth in market area North America of 55%* offset by declines in most other market areas. Reported sales were SEK 61.8 (64.5) b.            Adjusted[1] gross income increased to SEK 28.6 (25.3) b. driven by a strong expansion in Networks adjusted[1] gross margin to 48.7% (39.9%). Reported gross income was SEK 28.2 (24.7) b.  Adjusted[1] gross margin was 46.3% (39.2%) mainly due to market mix, commercial discipline, and cost actions. A customer settlement and increased IPR revenues also contributed. Reported gross margin was 45.6% (38.4%).   Adjusted[1] EBITA was SEK 7.8 (4.7) b. with a 12.6% (7.3%) margin, benefiting from higher gross income and cost reduction actions, partly offset by targeted investments in R&D. EBITA was SEK 6.2 (3.8) b.    Net income was SEK 3.9 (-30.5) b. EPS diluted was SEK 1.14 (-9.21).  Free cash flow before M&A was SEK 12.9 (-0.5) b. benefiting from strong inventory management and market mix.  

Börje Ekholm, President and CEO, said: “Q3 marks a period of laser-focus on execution of our strategic plan. We see increasing customer momentum around programmable networks that deliver differentiated performance, and expect further traction, supported by the JV we have announced with 12 of the world’s largest telecom operators. The JV will aggregate network APIs, accelerating commercialization and generating new opportunities for network monetization.

We see signs that the overall market is stabilizing with North America, as an early adopter market, returning to growth. While the market development is ultimately in the hands of our customers, we are working to deliver operational excellence regardless of market conditions. Our Q3 results demonstrate our progress, with strong gross margin expansion and free cash flow, benefiting from our commercial discipline and operational efficiency actions.   

We expect our Networks sales to stabilize year-on-year during Q4, driven by continued good growth in North America. However, we anticipate further near-term sales pressure in Enterprise as we focus on profitable segments. We launched a new private 5G enterprise product portfolio in Q3 to support performance improvement, which remains a key priority.” 

SEK b.

Q3

    2024

Q3

     2023

YoY

 Change

Q2

  2024

QoQ

 Change

Jan-Sep

     2024

Jan-Sep

 2023

YoY

 change

Net sales

61.794

64.473

-4 %

59.848

3 %

174.967

191.470

-9 %

 Organic sales growth[2]

-1 %

-7 %

Gross margin[2] 

45.6 %

38.4 %

43.1 %

43.8 %

38.1 %

EBIT (loss) 

5.774

-28.908

-13.519

-3.645

-26.174

EBIT margin[2] 

9.3 %

-44.8 %

-22.6 %

-2.1 %

-13.7 %

EBITA[2] 

6.203

3.828

62 %

2.426

156 %

13.522

8.218

65 %

EBITA margin[2] 

10.0 %

5.9 %

4.1 %

7.7 %

4.3 %

Net income (loss) 

3.881

-30.491

-10.999

-4.505

-29.513

EPS diluted, SEK 

1.14

-9.21

-3.34

-1.43

-8.96

Free cash flow before M&A[2] 

12.944

-0.540

7.595

70 %

24.210

-13.548

Net cash, end of period[2] 

25.534

1.610

13.133

94 %

25.534

1.610

                                   

Adjusted financial measures[2]

Adjusted gross margin 

46.3 %

39.2 %

43.9 %

44.4 %

39.1 %

Adjusted EBIT (loss) 

7.327

-28.020

-11.891

-0.259

-21.173

Adjusted EBIT margin 

11.9 %

-43.5 %

-19.9 %

-0.1 %

11.1 %

Adjusted EBIT excluding impairments[3] 

 

7.327

 

3.896

 

88 %

 

3.229

 

127 %

 

14.861

 

10.743

38 %

Adjusted EBIT margin excluding impairments[3] 

11.9 %

6.0 %

5.4 %

8.5 %

5.6 %

Adjusted EBITA 

7.756

4.716

64 %

4.05

91 %

16.908

13.219

28 %

Adjusted EBITA margin 

12.6 %

7.3 %

6.8 %

 

9.7 %

6.9 %

* Sales adjusted for the impact of acquisitions and divestments and effects of foreign currency fluctuations. 

[1] Adjusted metrics are adjusted to exclude restructuring charges. This is a change in nomenclature only, compared with previous reports.  

[2] Non-IFRS financial measures are reconciled at the end of this report to the most directly reconcilable line items in the financial statement.  

[3] Excluding the non-cash impairment recorded in the second quarter 2024, relating to the impairment of intangible assets mainly attributed to the Vonage acquisition. 

 

NOTES TO EDITORS 

You find the complete report with tables in the attached PDF or on www.ericsson.com/investors

Video webcast for analysts, investors and journalists 

President and CEO Börje Ekholm and CFO Lars Sandström will comment on the report and take questions at a live video webcast at 9:00 AM CEST (8:00 AM BST London, 3:00 AM EDT New York). 

Join the webcast or please go to www.ericsson.com/investors

To ask a question: Access dial-in information here

The webcast will be available on-demand after the event and can be viewed at www.ericsson.com/investors

Contact person
Daniel Morris, Head of Investor Relations 
Phone: +44 7386657217   
E-mail: investor.relations@ericsson.com  

Additional contacts
Stella Medlicott, Senior Vice President, Marketing and Corporate Relations
Phone: +46 730 95 65 39
E-mail: media.relations@ericsson.com

Investors
Lena Häggblom, Director, Investor Relations
Phone: +46 72 593 27 78
E-mail:  lena.haggblom@ericsson.com

Alan Ganson, Director, Investor Relations
Phone: +46 70 267 27 30
E-mail: alan.ganson@ericsson.com

Media
Ralf Bagner, Head of Media Relations
Phone: +46 76 128 47 89
E-mail: ralf.bagner@ericsson.com

Media relations  
Phone: +46 10 719 69 92
E-mail: media.relations@ericsson.com

This is information that Telefonaktiebolaget LM Ericsson is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on October 15, 2024. 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ericsson/r/ericsson-reports-third-quarter-results-2024,c4051124

The following files are available for download:

View original content:https://www.prnewswire.co.uk/news-releases/ericsson-reports-third-quarter-results-2024-302275998.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

New Hardening Methods Available for CNC Turning

Published

on

By

SCHAUMBURG, Ill., Oct. 15, 2024 /PRNewswire/ — meviy, the cutting-edge parts procurement platform developed by MISUMI Group Inc. is excited to announce the immediate availability of advanced hardening options for CNC Turning, providing engineers with greater flexibility in part design and manufacturing. These new options include Vacuum Hardening for full part hardening and Induction Hardening for selective hardening, allowing for a broader range of mechanical properties to meet the demands of various applications.

Key Features of the New Hardening Methods:

Full Part Hardening: Engineers can now choose from two heat treatment options to harden entire parts:Immersion Quenching: A cost-effective and quick heat treatment using a conventional furnace and oil bath.Vacuum Quenching: A precise, distortion-resistant heat treatment using a vacuum furnace, ideal for components requiring high accuracy.

Selective Hardening: This process allows specific areas of a part to be hardened while avoiding threads or areas with precision tolerances.Induction Hardening: A targeted method that uses an induction coil to heat and quench designated areas, offering precise control over part hardness.

In addition to these new hardening methods, engineers can now specify a desired hardness range for both Immersion and Vacuum Quenching, ensuring components meet specific performance criteria.

Extended Size Range for Heat Treatment:

Diameters 10-150mm: Parts can be hardened up to 300mm in length.Diameters 150-250mm: Parts can be hardened up to 200mm in length.Diameters 250-300mm: Parts can be hardened up to 100mm in length.

These expanded heat treatment capabilities offer enhanced design options, allowing engineers to create parts with tailored mechanical properties for even the most demanding applications.

The expansion of Heat Treatment capabilities has also expanded the maximum length of parts that can be hardened.

Additional Lead time for Hardening services is 2-4 days.

The depth of hardening cannot be specified but a depth of 1mm or more into the part surface is guaranteed.

For supported hardnesses and lead times by material, click here.

For appearance and quality standards of hardened products, click here.

For operation manual on how to specify different hardening methods, click here.

For more information on these new services and to see how meviy can support your CNC turning needs, visit meviy.

About meviy: 
meviy is a next-generation manufacturing platform that offers instant quotations and on-demand custom mechanical parts services, empowering businesses to optimize efficiency and achieve unparalleled success in the competitive market landscape.

About MISUMI: 
MISUMI is a global distributor and manufacturer of industrial automation components. With a commitment to offering efficient, cost-effective solutions, MISUMI is a single source for the electric vehicle manufacturing and assembly industry. MISUMI’s catalog of highly configurable components is a fast, reliable, and cost-effective option for last minute design changes, prototyping, and meeting full-scale design and application requirements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-hardening-methods-available-for-cnc-turning-302275182.html

SOURCE MISUMI USA

Continue Reading

Technology

Luma Health Announces Spark, Multi-Model Generative AI to Tackle Staff Work and Get Patients the Care They Need More Efficiently

Published

on

By

New capabilities include automated fax processing and patient-facing omnichannel concierge

SAN FRANCISCO, Oct. 15, 2024 /PRNewswire/ — Today, Luma Health announces the release of its new AI, named Spark, and the first two new AI-powered products in its industry-leading Patient Success Platform™. Spark uses multi-model generative AI to address some of the most common operational challenges for health systems, including high call volume and manual fax processing, which create delays in care and require up-staffing expensive call centers. The new technology represents an innovative use of AI applied to health systems’ biggest pain points in patient access.

“Our goal has always been to make it easier to get patients and providers to the moment of care. We’ve been using machine learning, tensors, and natural language processing (NLP), for years, and LLM-powered Spark is the next iteration of the Luma platform,” said Luma’s co-founder and CTO, Aditya Bansod. “Our vision is to use this latest groundbreaking technology to solve persistent challenges on a massive scale, and now the technology is equipped to help us deliver a next-generation patient experience.”

Spark is woven into Luma’s comprehensive platform and deeply EHR-integrated, enabling it to transform challenging parts of patient access. It supports both patient interactions and staff efficiency by relying on:

Bi-directional integration with leading EHRs, including Oracle Health, Epic, eClinicalWorks, MEDITECH, athenahealth, NextGen, and Greenway Health.Zero-retention generative AI used with healthcare privacy in mind, including OpenAI GPT-4, Claude Opus, deepgram, and others, fine-tuned for healthcare.Industry-leading information security (HITRUST r2, SOC Type II, ISO 27001:2022, and TX-RAMP Level 2 certified), with Spark built to be in compliance with ISO 42001:2023.

The first two Spark-enabled products automate fax processing (Luma‘s Fax Transform) and provide a patient-facing voice AI concierge (Luma’s Navigator), respectively, helping save staff time and improve patient access to care. Luma will invest in underpinning the Patient Success Platform™ with Spark, including with new enhancements available today throughout staff-facing workflows.

Early adopters of Luma’s newest Spark products are seeing impressive outcomes. University of Arkansas for Medical Sciences (UAMS) saw the following outcomes with Luma’s Navigator within one month:

98 manual call center staff hours saved/eliminated95% of phone calls completely automated82% patient verification success rate1,200 cancellations processed without any human interaction

“We were looking for efficiency — and we found it with Navigator,” said Michelle Winfield-Hanrahan,  RN, BSN, MHA, MSN,  UAMS’ Chief Clinical Access Officer and Associate Vice Chancellor for Access. “The team was spending three hours daily just listening to patient voicemails and then going in and canceling appointments. Navigator completely took that manual work off our plates. It sounds and acts like a human, and it’s so helpful. Our outcomes have been very positive, and really exceeded what I expected.”

Navigator assists patients with a personal touch and deep contextual awareness, going far beyond the capabilities of simple IVR call routing. Navigator is also available in many different  languages. For example, patients can:

Call about their own appointment, then follow up on their child’s appointment and request a medication refill in the same interaction.Ask questions about how to prep for an upcoming procedure, then get a link with directions to the clinic.Receive a text message back if their call is dropped, allowing them to continue where they left off.

Another new product, Fax Transform, uses Luma’s Spark AI capabilities to automatically parse structured data from faxes including referrals, DME requests, and prescription refills. Staff verify the information with one click, then the referral is automatically created in a health system’s EHR using Luma’s bi-directional EHR integration. At DENT Neurologic Institute, Fax Transform is saving significant time and effort:

3x faster fax processing70% time savings on fax workflows

“We receive a lot of faxes – over 500 per day across the organization – and it’s just impossible to keep up with manually,” said Emily Smythe, DENT’s Manager of Quality & Analytics. “Processing a single fax can take up to five minutes. Fax Transform automates it completely, so it takes 10 seconds or less to file a fax.”

“Health systems are doing more than ever to serve their patients with fewer staff and resources, and they don’t have time to waste on AI solutions that offer shallow EHR integration or create more overhead,” said Luma’s co-founder and CEO Adnan Iqbal. “That’s why we focused Spark on the most common challenges we hear from health systems: high call volume, backlogged referrals, lost revenue, and not enough staff to handle it all manually.”

Luma Health revealed Spark to more than 500 customer attendees last week at its fourth annual customer conference, Lumanate. Spark will continue to power Luma’s development, with AI-powered enhancements to financial workflows, reporting, and more all planned for early 2025. Learn more about Spark at www.lumahealth.io/spark.

About Luma Health
Luma was founded on the idea that healthcare should work better for all patients. Instead of a disconnected experience, where patients are forced to be their own healthcare advocates and provider teams struggle to reach their patients, every point along the care journey should be simple, seamless, and effective. Luma’s Patient Success Platform™ empowers patients and providers to be successful by connecting and orchestrating all the steps in the patient journey, along with all the operational workflows and processes in the healthcare ecosystem. Headquartered in San Francisco, Luma serves more than 600 health systems, integrated delivery networks, federally qualified health centers, specialty networks, and clinics across the United States, and today orchestrates the care journeys of more than 100 million patients. Additional information about the company is available at the Luma website, LinkedIn, Facebook, and X.

CONTACT: Kara Bodner, kara@lumahealth.io

View original content to download multimedia:https://www.prnewswire.com/news-releases/luma-health-announces-spark-multi-model-generative-ai-to-tackle-staff-work-and-get-patients-the-care-they-need-more-efficiently-302275632.html

SOURCE Luma Health

Continue Reading

Technology

ITURAN LOCATION AND CONTROL LTD. SCHEDULES THIRD QUARTER 2024 RESULTS RELEASE AND CONFERENCE CALL FOR THURSDAY, NOVEMBER 21, 2024

Published

on

By

Conference Call Scheduled at 10am ET

AZOUR, Israel, Oct. 15, 2024 /PRNewswire/ — Ituran Location and Control Ltd. (NASDAQ: ITRN), announced that it will be releasing its third quarter 2024 results on Thursday, November 21, 2024.

The Company will be hosting a conference call later that day at 10am Eastern Time. On the call, management will review and discuss the results, and will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls a few minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Number: 1 866 860 9642
ISRAEL Dial-in Number: 03 918 0609
INTERNATIONAL Dial-in Number:  +972 3 918 0609
at:
10:00am Eastern Time, 7:00am Pacific Time, 5:00pm Israel Time

For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran’s website.

About Ituran
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance, financing industries and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.

Ituran’s subscriber base has been growing significantly since the Company’s inception to over 2.3 million subscribers using its location-based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 2,800 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States.

For more information, please visit Ituran’s website, at: www.ituran.com

 

Company Contact

Udi Mizrahi

udi_m@ituran.com

Deputy CEO and VP Finance, Ituran

(Israel) +972 3 557 1348

International Investor Relations

Ehud Helft

ituran@ekgir.com

EK Global Investor Relations

(US) +1 212 378 8040   

 

Logo: https://mma.prnewswire.com/media/1972820/Ituran_logo.jpg

View original content:https://www.prnewswire.com/news-releases/ituran-location-and-control-ltd-schedules-third-quarter-2024-results-release-and-conference-call-for-thursday-november-21-2024-302276174.html

SOURCE Ituran Location and Control Ltd.

Continue Reading

Trending