(RTTNews) - Finnish communications company Nokia Corp. (NOK) reported Thursday that its fourth-quarter profit was 680 million euros, compared to last year's hefty loss of 2.70 billion euros. Earnings per share were 0.12 euro, compared to loss of 0.48 euro a year ago.
Comparable profit for the period was 731 million euros or 0.13 euro per share, compared to prior year's 784 million euros or 0.14 euro per share.
Net sales declined 2 percent to 6.41 billion euros from 6.55 billion euros a year ago. The sales were down as expected with strong 10 percent growth in Network Infrastructure was offset by 16 percent drop in Mobile Networks.
Nokia's underlying business performed largely as expected with other operating income being above expectations.
Looking ahead, Nokia expects 2022 net sales of 22.6 billion euros to 23.8 billion euros, and comparable operating margin of 11 percent to 13.5 percent.
In fiscal 2021, comparable operating margin was 12.5% and net sales were 22.20 billion euros.
The company said it enters 2022 in a strong position with improved margins, faster than expected strategy execution and a high order backlog, although the global supply chain situation remains tight.
Further, the company introduced new long-term targets to grow faster than the market and to achieve a comparable operating margin of at least 14 percent.
The Board proposed dividend authorization of 0.08 euro per share. Share buyback program to be initiated to return EUR 600m over 2 years.
Nokia's Board is initiating a share buyback program targeting to return up to 600 million shares of cash to shareholders in tranches over a period of two years, subject to continued authorization from the AGM.