Motorola Solutions Reports Fourth-Quarter and Full-Year 2016 Financial Results

Company achieves full-year record operating earnings, free cash flow1 and backlog

FOURTH-QUARTER HIGHLIGHTS

  • Sales of $1.9 billion, up 12 percent from a year ago, including $124 million from Airwave
  • Products sales of $1.2 billion, up $101 million or 9 percent
  • GAAP earnings per share (EPS) from continuing operations of $1.43
  • Non-GAAP EPS from continuing operations2 of $2.03, up 28 percent
  • Generated $513 million in operating cash flow; $1.2 billion for the full year
  • Generated $453 million in free cash flow1; $894 million for the full year
  • Acquired Spillman Technologies, expanding command center software capabilities

CHICAGO — (BUSINESS WIRE) — February 2, 2017Motorola Solutions, Inc. (NYSE: MSI) today reported its earnings results for the fourth quarter and full year of 2016. Click here for a printable news release and financial tables.

SUPPORTING QUOTE

“We ended the year with an outstanding fourth quarter, and I am very encouraged with our strong competitive position and record backlog entering 2017,” said Greg Brown, chairman and CEO of Motorola Solutions.

KEY FINANCIAL RESULTS (presented in millions, except per share data and percentages)

  Fourth Quarter   Full Year
    2016   2015   % Change   2016   2015   % Change
Sales   $1,883   $1,682   12 %   $6,038   $5,695   6 %
GAAP        
Operating earnings $403 $389 4 % $1,067 $994 7 %
% of Sales 21.4 % 23.1 % 17.7 % 17.5 %
EPS from continuing operations   $1.43   $1.56   (8 )%   $3.24   $3.17   2 %
Non-GAAP
Operating earnings $541 $458 18 % $1,427 $1,166 22 %
% of Sales 28.7 % 27.2 % 23.6 % 20.5 %
EPS from continuing operations   $2.03   $1.58   28 %   $4.92   $3.33   48 %
Products Segment
Sales $1,226 $1,125 9 % $3,649 $3,676 (1 )%
GAAP Operating earnings $330 $291 13 % $734 $704 4 %
% of Sales 26.9 % 25.9 % 20.1 % 19.2 %
Non-GAAP Operating earnings $407 $340 20 % $910 $827 10 %
% of Sales   33.2 %   30.2 %       24.9 %   22.5 %    
Services Segment
Sales $657 $557 18 % $2,389 $2,019 18 %
GAAP Operating earnings $73 $98 (26 )% $333 $290 15 %
% of Sales 11.1 % 17.6 % 13.9 % 14.4 %
Non-GAAP Operating earnings $134 $118 14 % $517 $339 53 %
% of Sales   20.4 %   21.2 %       21.6 %   16.8 %    

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