Nokia Corporation (NOK) hosted a conference call with investors and analysts to discuss Q3 2014 earnings results on October 23, 2014 at 8:00 a.m. ET. The following are the webcast audio and the associated transcript of the event…
Nokia Corporation (ADR) (NYSE:NOK)
Q3 2014 Earnings Conference Call
October 23, 2014 08:00 AM ET
Executives
Matt Shimao – Head, IR
Rajeev Suri – President and CEO
Timo Ihamuotila – EVP and Group CFO
Analysts
Alexander Peterc – Exane BNP Paribas
Gareth Jenkins – UBS
Stuart Jeffrey – Nomura
Sandeep Deshpande – JPMorgan
Andrew Gardiner – Barclays
Mike Walkley – Canaccord Genuity
Joanne Zuo – Deutsche Bank
Tim Long – BMO Capital Markets
Kulbinder Garcha – Credit Suisse
Pierre Ferragu – Bernstein
Mark Sue – RBC Capital Markets
Francois Meunier – Morgan Stanley
Ittai Kidron – Oppenheimer
Ehud Gelblum – Citigroup
Richard Kramer – Arete
Operator
Good day. My name is Stephanie and I will be your conference operator today. At this time, I would like to welcome everyone to the Nokia Q3 2014 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions).
I would now like to turn the call over to Matt Shimao, Head of Investor Relations. Mr. Shimao, you may begin.
Matt Shimao – Head, IR
Ladies and gentlemen, welcome to Nokia’s third quarter 2014 conference call. I’m Matt Shimao, Head of Nokia Investor Relations. Rajeev Suri, President and CEO; and Timo Ihamuotila, EVP and Group CFO, are here in Espoo with me today.
Before we begin our discussion, I’d like to remind and ask investors who plan to attend our Capital Markets Day on November 14 to please register as soon as possible, so that we can optimize the venue logistics. Any questions can be addressed to cmd2014@nokia.com.
During this call, we’ll be making forward-looking statements regarding the future business and financial performance of Nokia and its industry. These statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. Factors that could cause such differences can be both external, such as general economic and industry conditions, as well as internal operating factors. We have identified these in more detail in the risk factors section of our 20-F for 2013 and in our Interim Report issued today.
Please note that our results release, the complete interim report with tables and the presentation on our Web site include non-IFRS results information in addition to the reported results information. Our complete interim report with tables available on our Web site includes a detailed explanation of the content of the non-IFRS information and a reconciliation between the non-IFRS and the reported information.
With that Rajeev, over to you.
Rajeev Suri – President and CEO
Thank you Matt and thanks to all of you for joining. It is a please to speak to you today after a quarter where Nokia delivered both growth and strong profitability. As you know, in our guidance earlier this year we pointed to networks growth in the second half. In fact all three of our businesses grew on a year-on-year basis in the third quarter and networks delivered a particularly strong overall performance with 13% year-on-year net sales growth and near record profitability.
HERE followed closely behind with 12% growth and technologies with 9%. This robust performance is a result of the right strategic choices, strong execution across our three businesses, particularly in Nokia Networks and some interesting tailwinds in the quarter that I will discuss in a bit more depth later.
Last quarter I gave you an update on the progress of my 100 day plan and while I won’t go through each of the five priorities that I set, I would like to give a brief comment in two areas. The first is the effort to move rapidly from high level strategy and vision to bold and detailed execution plans. I believe that we have made good progress in that area and I’m looking forward to sharing more with you and getting your feedback at our Capital Markets Day in London on November 14th. We have looked hard at where we are today, where we see opportunities in the future and how we define our long-term strategy and vision.