Motorola Solutions Reports First-Quarter 2013 Financial Results

Motorola Solutions, Inc. (NYSE: MSI) announced today first-quarter 2013 sales of $2 billion, up 1 percent from the first quarter of 2012. Government sales were up 3 percent while Enterprise sales were down 4 percent.

“Despite a challenging enterprise market and modest revenue growth in the first quarter, our disciplined focus on cost management and return of capital to shareholders delivered double-digit growth in earnings per share,” said Greg Brown, chairman and CEO of Motorola Solutions. “We remain confident in the fundamental drivers of the business and our ability to drive improved operating earnings for the year.”

GAAP operating earnings in the first quarter of 2013 were $216 million or 10.9 percent of sales, compared to $232 million or 11.9 percent of sales in the first quarter of 2012. GAAP earnings per share from continuing operations were $0.68, compared to $0.50 in the first quarter of 2012.

Non-GAAP operating earnings in the first quarter of 2013 were $278 million or 14.1 percent of sales, compared to $290 million or 14.8 percent of sales in the first quarter of 2012. Non-GAAP earnings per share from continuing operations were $0.66, compared to $0.59 in the first quarter of 2012. Non-GAAP financial information excludes after-tax net loss of approximately $0.02 per diluted share related to stock-based compensation, intangible amortization 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 quarter, the company used $31 million in operating cash flow from continuing operations. The company ended the quarter with total cash*** of $3.7 billion while returning $429 million to shareholders through share repurchases and cash dividends.

Government segment sales were $1.3 billion, up 3 percent from the year-ago quarter. GAAP operating earnings were $180 million or 13.4 percent of sales compared to $150 million or 11.5 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $217 million or 16.1 percent of sales compared to $184 million or 14.1 percent of sales in the year-ago quarter.

Government highlights:

Secured multimillion-dollar contracts with strategic customers such as Las Vegas Metropolitan Police Department; State of Tennessee; Wyandotte County in Kansas; Butler County in Ohio; Houston Airport; SIBUR in Russia; Medellín Metro in Colombia; Colombia Ministry of Defense; Queensland Gas Company in Australia; Macau Light Rail, Chengdu Government Radio Network and Shangdong Provincial Police in China; and Klang Valley Mass Rail Transit System in Malaysia.

Introduced Real-Time Crime Center solution, incorporating input from multiple data sources such as video, sensors, alarms, computer-aided dispatch and records to deliver one operational view and help public safety stay one step ahead of criminals through proactive policing

Launched the new MTP6750 handheld, the world´s first TETRA radio with a 5 megapixel camera that embeds a special encrypted marking to validate metadata and ensure images have not been tampered with before presentation in court

Introduced AME 2000 Secure Mobile Solution based on Motorola’s Assured Mobile Environment, providing end-to-end encrypted voice and data communications through private or public wireless networks to support the missions of federal agencies

Please click here to view the origional press release.

Source: Motorola Solutiuons