Motorola Solutions Reports Second-Quarter Results

Click here for printable press release and financial tables.

Motorola Solutions, Inc. (NYSE: MSI) announced today its second-quarter 2011 results highlighted by sales of $2.1 billion, up 6 percent from the second quarter of 2010 and driven by solid demand across both its Government and Enterprise segments.

In addition, the company announced today that its board of directors has authorized the initiation of a regular quarterly dividend of $0.22 per outstanding share of the company’s common stock. The first dividend will be payable on Oct. 14, 2011, to shareholders of record at the close of business on Sept. 15, 2011. As part of a broader return of capital plan, the company’s board has authorized a share repurchase program of up to $2.0 billion through the end of 2012. The company may repurchase shares from time to time in the open market or in other privately negotiated transactions, subject to market conditions.

Greg Brown, chairman and CEO of Motorola Solutions, said: “Our solid revenue growth and improved operating leverage further demonstrate the strength of our business. Based on this performance, we have raised our full year outlook. Additionally, the dividend and share repurchase program reinforce our commitment to return capital to shareholders while maintaining strategic flexibility.”

GAAP operating earnings in the second quarter of 2011 were $170 million or 8 percent of sales, compared to $161 million or 8 percent of sales in the second quarter of 2010. GAAP earnings per share from continuing operations** were $0.17, compared to $0.01 in the second quarter of 2010.

Non-GAAP*** operating earnings in the second quarter of 2011 were $315 million or 15 percent of sales, compared to $267 million or 14 percent of sales in the second quarter of 2010. Non-GAAP earnings per share from continuing operations were $0.57, compared to $0.37 in the second quarter of 2010. Non-GAAP financial information excludes after-tax benefits of approximately $0.40 per diluted share related to stock-based compensation expense, intangible assets amortization expense and highlighted items. Details on these Non-GAAP adjustments and the use of Non-GAAP measures are included later in this press release.

During the second quarter of 2011, the company generated $102 million in operating cash flow from continuing operations. The company also retired $540 million in debt and ended the quarter with total cash* of $6.7 billion.

Government segment sales were $1.3 billion, up 4 percent from the year-ago quarter. GAAP operating earnings were $111 million or 8 percent of sales compared to $117 million or 9 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $174 million or 13 percent of sales compared to $158 million or 13 percent of sales in the year-ago quarter.

Government highlights:

  • Received $56 million award to implement a 700 MHz LTE Broadband Data System for the Mississippi Wireless Communication Commission
  • Secured multi-million dollar public safety contracts in Bucks County, Pennsylvania; Fort Worth, Texas; Lower Saxony, Germany and Shenzhen, China
  • Recognized for APX 7000XE P25 portable radio product design with Gold International Design Excellence Award (IDEA®), which fosters understanding of the impact of design excellence on the quality of life and the economy

Enterprise segment sales were $747 million, up 11 percent from the year-ago quarter. GAAP operating earnings were $59 million or 8 percent of sales compared to $44 million or 7 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $141 million or 19 percent of sales compared to $109 million or 16 percent of sales in the year-ago quarter.

Enterprise highlights:

  • Continued strong growth in the regions and vertical markets, especially in retail with major mobile computing contracts such as Macy's in North America, a leading Russian retailer, a major supermarket in the Netherlands and two major retailers in France
  • Received “Strong Positive” rating in Gartner’s Rugged Handheld Computer MarketScope
  • Expanded and scaled WiNG 5 wireless LAN portfolio by introducing a powerful NOC controller and high-performance 802.11n access points that help enterprise and government customers support rapid growth of wireless devices and multimedia applications in their organizations

Results from Discontinued Operations

Second-quarter net earnings from discontinued operations were $291 million, which substantially relate to operations of the Networks business that Motorola Solutions sold to Nokia Siemens Networks on April 29, 2011 for net cash proceeds in excess of $1 billion.

Third-Quarter and Full Year 2011 Outlook

The company expects to see growth across both government and enterprise segments. Third-quarter sales are expected to grow between 7 and 8 percent over the third quarter of 2010 with EPS from continuing operations of $0.56 to $0.61. This outlook excludes stock-based compensation expense, intangible assets amortization expense and charges associated with items of the variety typically highlighted by the company in its quarterly earnings releases. The company now expects full-year revenue growth of 5.5 to 6 percent with operating earnings of approximately 16.5 percent of sales.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
Roberto FrazzoliEDACafe Editorial
by Roberto Frazzoli
Special Report: Machine Learning in EDA
More Editorial  
Latest Blog Posts
Bob Smith, Executive DirectorBridging the Frontier
by Bob Smith, Executive Director
Remembering Jim Hogan
Colin WallsEmbedded Software
by Colin Walls
Variable declarations in C – plenty of pitfalls
Anupam BakshiAgnisys Automation Review
by Anupam Bakshi
AUGER: Celebrating Our Users
Jobs
Principle Engineer (Analog-Mixed-Signal Implementation) for Global Foundaries at Santa Clara, California
Business Operations Planner for Global Foundaries at Santa Clara, California
Test and Measurement System Architect for Xilinx at San Jose, California
Sr Engineer - RF/mmWave IC Design for Global Foundaries at Santa Clara, California
ASIC Engineer for Amazon at seattle, Washington
Staff SerDes Applications Design Engineer for Xilinx at San Jose, California
Upcoming Events
IPC APEX EXPO 2021 Goes Virtual at - Mar 8 - 12, 2021
ADAS Sensors 2021 at The Henry Hotel 300 Town Center Drive Dearborn MI - Apr 7 - 8, 2021
ISQED'21 - 22nd International Symposium at POB 607 Los Altos CA - Apr 7 - 9, 2021
SEMI MEMS & Sensors Industry Group (MSIG), MSTC 2021 at United States - Apr 13 - 15, 2021
Verific: SystemVerilog & VHDL Parsers



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise