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September 9, 2003
HELSINKI -- Nokia today provided a scheduled mid-quarter update to the company's business outlook for the third quarter 2003.
Based on developments in the first two months of the third quarter, pro forma EPS (diluted) for the Nokia group is expected to be at the high end or slightly above previously stated guidance of EUR 0.15 to EUR 0.17. This mainly reflects continued strong mobile phone pro forma operating margins. Reported EPS (diluted) is also expected to be at the high end or slightly above the previously guided range of EUR 0.14 to EUR 0.16.
In mobile phones, the company continues to expect third-quarter sales to be flat or slightly down year on year, largely due to a major depreciation of the US dollar compared with the same period in 2002. Strong profitability at Nokia Mobile Phones is expected to continue. During the quarter, mobile phone volume growth for Nokia and the industry overall has been strong. Nokia continues to expect the company to show faster-than-market volume growth of well over 10% year on year for the third quarter.
In mobile networks, the market appears to be stabilising and ongoing restructuring at Nokia Networks is continuing on plan. Third-quarter sales at Nokia Networks are estimated to decline by 15% to 20% year on year, in line with previous guidance, while pro forma operating profit is now expected to be close to breakeven.
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