RTTNews | Oct 21, 2020 01:23AM EDT

01:23 Wednesday, October 21, 2020 (RTTNews.com) - Swedish telecom equipment maker Ericsson (ERIC) reported Wednesday that its third-quarter net income was 5.6 billion Swedish kronor, compared to last year's loss of 6.9 billion kronor. Earnings per share were 1.61 kronor, compared to loss of 1.89 kronor a year ago.

The prior year's results were hurt by cost provisions of 11.5 billion kronor related to the investigation by the United States Securities and Exchange Commission and the United States Department of Justice as well as a refund of social security costs of 0.9 billion kronor.

Gross margin excluding restructuring charges improved to 43.2 percent from last year's 37.8 percent.

Net sales were 57.5 billion kronor, higher than last year's 57.1 billion kronor. Sales adjusted for comparable units and currency increased 7 percent mainly driven by 5G sales in Mainland China.

Networks sales increased 6 percent, with an increase of 13 percent adjusted for comparable units and currency.

Looking ahead, President and CEO Brje Ekholm said, "We remain positive on the longer-term outlook for the industry and Ericsson. The year to date results strengthen our confidence in delivering on the 2020 Group target."

Read the original article on RTTNews ( https://www.rttnews.com/3137756/ericsson-turns-to-profit-in-q3-positive-on-longer-term-outlook-quick-facts.aspx)

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