Motorola Solutions Inc.'s (MSI) fourth-quarter earnings fell 37%
as charges masked the company's stronger-than-expected revenue
growth.
The provider of public safety radios, handheld scanners and
telecommunications network gear was created last year in the split
of Motorola Inc., which spun off the higher-profile mobile-devices
and TV-set-top-box operations into Motorola Mobility Holdings Inc.
(MMI).
Motorola Solutions reported a profit of $184 million, down from
$292 million a year earlier. On a per-share basis, earnings rose to
54 cents from 49 cents due to fewer shares outstanding in the
most-recent quarter. Excluding items such as stock-based
compensation, amortization and reorganization costs, earnings rose
to 87 cents from 64 cents. Revenue jumped 5.3% to $2.3 billion.
Its October projection was adjusted earnings from continuing
operations of 78 cents to 83 cents a share on 2% to 3% sales
growth.
Gross margin rose to 50.4% from 49.8%.
Government sales increased 6%, and the enterprise business
posted a 3% jump.
The company also forecast current-quarter adjusted earnings from
continuing operations of 50 cents to 55 cents a share on 4% revenue
growth. Analysts surveyed by Thomson Reuters expect 56 cents on 3%
revenue growth.
Shares closed Tuesday at $47.86 and were inactive premarket. The
stock has risen 5.7% over the past three months.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com