By Dominic Chopping
Nokia Corp. said Tuesday that it expects to raise 2021 guidance after experiencing continued business strength during the second quarter, improving its expectations for the full year.
The telecommunications company said it is progressing well with its three-phased plan to achieve sustainable, profitable growth and technology leadership that it laid out earlier this year.
"Our first-half performance has shown evidence of this in good cost control and also benefited from strength in a number of our end markets," Chief Executive Pekka Lundmark said.
"We continue to expect some headwinds in the second half as we have previously highlighted but our performance in the first half provides a good foundation for the full year," Mr. Lundmark said.
The company previously guided for 2021 net sales, adjusted for currency fluctuations, of between 20.6 billion and 21.8 billion euros ($24.4 billion-$25.9 billion), a comparable operating margin of 7%-10%, positive free cash flow, and comparable return on invested capital of 10%-15%.
Nokia said it will provide details of the expected guidance upgrade when it releases second quarter earnings on July 29.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires